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FAQs on Consumer Equilibrium - Microeconomics - Economics Class 11 - Commerce

1. What is consumer equilibrium?
Ans. Consumer equilibrium refers to the point where a consumer maximizes their utility while spending their income on different goods and services. It is the point where the marginal utility per dollar of each good is equal.
2. How is consumer equilibrium achieved?
Ans. Consumer equilibrium is achieved when the consumer allocates their income in such a way that the marginal utility per dollar spent on each good is the same. This means that the consumer gets the most satisfaction from the goods and services they purchase.
3. What factors affect consumer equilibrium?
Ans. Several factors affect consumer equilibrium, including changes in consumer income, changes in the price of goods and services, changes in consumer preferences, and changes in the availability of goods and services.
4. What is the importance of consumer equilibrium?
Ans. Consumer equilibrium is important because it helps consumers make informed decisions about how to allocate their income. By achieving consumer equilibrium, consumers can maximize their utility and get the most satisfaction from their purchases.
5. How does consumer equilibrium relate to market equilibrium?
Ans. Consumer equilibrium and market equilibrium are related because market equilibrium is the point where the quantity demanded is equal to the quantity supplied. At market equilibrium, the price of goods and services is such that consumers are willing to buy as much as producers are willing to sell. This means that consumers have achieved their own individual consumer equilibrium while the market has achieved overall equilibrium.
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