What do u mean by consumer equilibrium?
Consumer’s equilibrium is a situation when a consumer spends his given income on the purchase of one or more commodities in such a way that he gets the maximum satisfaction and has no urge to change the level of consumption, given the prices of commodities.
How does consumer strike his equilibrium or state of maximum satisfaction?
A consumer will be in equilibrium when he gets maximum satisfaction from the consumption of various commodities. One can show the point of satisfaction of the consumer with the aid of indifference curve and the budget line. We are assuming that our consumer buys two goods X and Y, whose prices, PX and PY, are given.
What is the role in the determination of consumer’s equilibrium?
To determine the equilibrium point, consumer compares the price (or cost) of the given commodity with its utility (satisfaction or benefit). Being a rational consumer, he will be at equilibrium when marginal utility is equal to price paid for the commodity.
Who is consumer why he needs protection?
Consumer Protection is important as consumers’ interests need to be safeguarded. They are informed and ununited individuals who are often exploited by sellers. They need to be protected from the unjust and unethical practices of the producers and traders.
What is the concept of consumer Behaviour?
Consumer behaviour is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions.
How many rights does a consumer have?
Consumer rights in India In the Consumer Protection Act 1986, the lawmakers had defined six basic consumer rights: Right to safety: Consumers are protected against marketing of goods and services that are hazardous to their life and property.
How many rights does a consumer protection act?
Six consumer rights
What is the need for consumer protection in one word?
Consumer protection means protection and safeguarding the buyers of goods and services from any unfair practices by the seller . Consumer protection is necessary in order to educate the consumer about their rights,responsibilities and also redressing their grievances.