"Consumer equilibrium" refers to the situation when the consumer is getting
A)the highest total utility out of spending a given budget on various goods.
B)the highest marginal utility out of spending a given budget on various goods.
C)equal marginal utility values from each product consumed.
D)equal total utility values from each product consumed.

Question

Quizplus · Accepted Answer

Consumer equilibrium occurs when a consumer allocates their budget in such a way that they maximize their total utility, given their budget constraints.

"Consumer Equilibrium" Refers to the Situation When the Consumer Is