If the marginal utility of commodity is equal to its pric...
If the marginal utility of 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 A
A consumer is in equilibrium when the marginal utility of a commodity is equal to its price if only one commodity is consumed i.e MU x=Px where :
MU = Marginal utility
P= Price of the commodity
x = The commodity
The short-run supply curve for medical doctors is more likely to be ...
A foreign exchange market deals in ...
Which of the following is a transfer income? ...
Supply of agricultural products is likely to be elastic in the ...
Goods that are abundant in supply usually have low ...
Given: Investment = N100 million Consumption = N200 m + 0.75Y Y = C + I where, Y = In...
The mean is the best measure of central tendency because it ...
The wholesale provides all the following services to the manufacturer except ...
An increase in the circulation of money without a corresponding increase in output will lead to ...