JAMB Economics 2022 Objective — Question 34

Question 34 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2022 Objective paper, with the correct answer and a full explanation.

34. The intersection of the budget line and the indifference curve shows

A. (A) equilibrium of consumerCorrect
B. (B) zero utility
C. (C) total utility at maximum
D. (D) marginal utility is zero

Explanation

The point where the budget line intersects (is tangent to) the indifference curve of the same consumer is the equilibrium of the consumer.

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