Consumer Equilibrium Condition Quiz
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Questions and Answers

In consumer equilibrium, what relationship should hold between the marginal utility of the commodity and its price?

  • MUx (in ₹) = Px (in ₹) (correct)
  • MUx (in utils) = Px (in utils)
  • MUx (in ₹) = Px (in utils)
  • MUx (in utils) = Px (in ₹)

    • What is the condition for consumer equilibrium in case of a single commodity?

  • Marginal utility of the commodity equals its price in rupees (correct)
  • Total utility of the commodity equals its price in rupees
  • Total utility of the commodity equals its price in utils
  • Marginal utility of the commodity equals its price in utils

    • What is the significance of MU of Money (₹) in consumer equilibrium?

  • It represents the total utility derived from the commodity
  • It represents the total utility derived from money
  • It represents the price of the commodity in terms of money
  • It represents the marginal utility of money in terms of rupees (correct)

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