Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

10 Questions

1 Views

Consumer Equilibrium Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the condition for a rational consumer to buy a product?

When the cost of the good is more than the marginal utility

When the cost of the good is equal to the marginal utility (correct)

When the cost of the good is less than the marginal utility

When the cost of the good is equal to the total utility

What happens if the marginal utility level degrades?

The consumer will buy more until marginal utility is more than the paid price (correct)

The consumer will stop buying the product

The consumer will buy less until the price becomes equal to the marginal utility

The consumer will switch to a different product

What happens if the price paid is less than the marginal utility?

The person will only buy the product on sale

The person will enjoy additional benefits and may buy more products (correct)

The person will not buy the product

The person will stop consuming the product

What is the result of the consumer buying less than earlier?

Marginal utility will increase until the price becomes equal to the marginal utility Signup and view all the answers

What is the condition for a consumer to be in the state of Consumer Equilibrium?

Buying products only when the cost of the good is equal to the marginal utility Signup and view all the answers

In consumer equilibrium, when does a rational consumer buy a product?

When the cost of the good is equal to the marginal utility Signup and view all the answers

What happens if the marginal utility level degrades as the consumer buys more products?

At some point, the marginal utility will be more than the paid price Signup and view all the answers

What happens if a consumer buys less than earlier, leading to an increase in marginal utility?

The price becomes equal to the marginal utility Signup and view all the answers

What will a consumer do if the price paid is less than the marginal utility?

Enjoy additional benefits and buy more products Signup and view all the answers

What is the main condition for a consumer to be in a state of consumer equilibrium?

Buying products only when the cost equals the marginal utility Signup and view all the answers