In case of single commodity consumers equilibrium is achieved when
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In case of single commodity consumers equilibrium is achieved when
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Answer :-
Consumer's equilibrium in single commodity is achieved when, Marginal utility ( Mux ) is equal to the price paid ( Px ) i.e. Mux = Px.
Explanation :-
There are three possible cases.
When Mux > Px
When Mux = Px
When Mux < Px