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WAEC Economics 2026 Question 35

Question 35

Theory of Consumer Behaviour

A rational individual bought a good at $20 per unit and achieved equilibrium when the 10th unit was consumed, this implies that the marginal utility of this utils is

  1. A.10 utils
  2. B.200 utils
  3. C.2 utils
  4. D.20 utils
Show the answer and explanation

Answer: D (20 utils)

Explanation

At equilibrium MU equals price: 20 utils (taking 1 util as worth $1).