JAMB Economics 2023 Objective — Question 34

Question 34 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.

For a consumer to reach equilibrium, the price of the last unit consumed must equal its

A. (A) Marginal cost
B. (B) Marginal revenue
C. (C) Marginal utilityCorrect
D. (D) Max utility

Explanation

A consumer reaches equilibrium where the price paid for the last unit equals the marginal utility derived from it (MUx = Px).

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