WAEC Economics 2022 Objective — Question 14
Question 14 of 50 from the West African Examinations Council (WAEC) Economics 2022 Objective paper, with the correct answer and a full explanation.
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A consumer of a single commodity is in equilibrium when he can equate his demand with price
- A. he equates marginal utility and price
- B. he can equate his marginal and total utilitiesCorrect
- C. his marginal utility is equal to zero
Explanation
A single consumer is in equilibrium when marginal utility (MUx) equals price (Px) of the good, i.e. MUx = Px.
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