If the marginal utility of a commodity is equal to its pr...
If the marginal utility of a commodity is equal to its price then
The consumer is in equilibrium
More of the commodity can be consumed
Total utility is also equal to its price
The market is not in equilibrium
Correct answer is C
The price a consumer is willing to pay for a good depends on his marginal utility, the marginal utility declines with each additional unit of consumption, according to the law of diminishing marginal utility. Therefore, the price is equal to the marginal utility
At the highest level of total utility, marginal utility is ...
The average total cost when 20 units are produced is ...
The demand for labour is a________ ...
The factor responsible for the current inflationary pressures in Nigeria is the ...
The law of demand can be expressed as ...
Palm oil and palm kernel are in? ...
A downward sloping demand curve means that ...
The market structure in which there is interdependence of price-output policies is ...