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Explain how consumers get equilibrium when they consume one commodity?
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Explain how consumers get equilibrium when they consume one commodity?
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It will depend upon two factors. At the time of purchasing a unit of a commodity, a consumer compares the price of the given commodity with its utility. The consumer will be at equilibrium when marginal utility (in terms of money) equals the price paid for the commodity say 'X' i.e. MUx = PX.
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Explain how consumers get equilibrium when they consume one commodity?
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Explain how consumers get equilibrium when they consume one commodity? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Explain how consumers get equilibrium when they consume one commodity? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain how consumers get equilibrium when they consume one commodity?.
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