If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to

Assessment: WAEC SSCE - Economics - 1998 (Objective) Subject: Economics

Question 1 Report

If the last Naira spent on each commodity by a consumer gave him equal satisfaction , it means the consumer has been able to
Answer Details
If the last Naira spent on each commodity by a consumer gave him equal satisfaction, it means the consumer has been able to maximize his utility. Utility refers to the satisfaction or happiness that a consumer derives from consuming a particular good or service. In this scenario, since the last Naira spent on each commodity provides equal satisfaction, the consumer has achieved the highest possible level of satisfaction from his spending, which is referred to as utility maximization.
Read lesson note on Theory Of Consumer Behaviour (WAEC)
Read lesson note on Theory Of Production (WAEC)
Read lesson note on The Theory Of Demand (JAMB)
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