A consumer is in equilibrium when

Assessment: WAEC SSCE - Economics - 2020 (Objective) Subject: Economics

Question 1 Report

A consumer is in equilibrium when 

Answer Details
A consumer is in equilibrium when he or she maximizes his or her satisfaction from spending his or her income. This means that the consumer has allocated his or her budget in a way that gives him or her the highest level of satisfaction possible. At this point, the consumer has no desire to change his or her spending choices because any alteration would result in a lower level of satisfaction.
Read lesson note on The Theory Of Demand (JAMB)
Read lesson note on Economics As A Science (JAMB)
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