a rational consumer will purchase a product who... - WAEC Economics 2017 Question
a rational consumer will purchase a product whose price is?
A
greater than his marginal utility
B
less than his marginal utility
C
equal to his marginal utility
D
equal to his total utility
correct option: c
A consumer is rational if he decides for the option that maximizes his/her utility. When studying the bachelor for Economics, in microeconomics class, the teacher would always tell you that it is assumed that consumers are rational, meaning that they maximize their profits based on their utility payoffs.
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