WAEC Economics 2020 Objective — Question 10
Question 10 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
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A consumer is in equilibrium when
- A. his market supply is equal to his market demand
- B. he maximizes satisfaction from spending his incomeCorrect
- C. the market is also in equilibrium
- D. he has consumed all he wants
Explanation
A consumer reaches equilibrium when they allocate their income across goods in a way that maximizes total satisfaction (utility).
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