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Theory of consumer behaviour — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsTheory of consumer behaviour3 Marks
Question
Give the meaning of Consumer equilibrium.
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Answer

Consumer equilibrium refers to a situation in which a person gets maximum satisfaction from the purchase of commodity with given income. In consumer equilibrium, a person spends his given income on purchase of a commodity in such a way, that gives him maximum satisfaction and he feels no urge to change.

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