Consumer Equilibrium Class 11 Notes Free [verified]

A consumer is an economic agent who purchases goods and services to satisfy their wants.

Core terms include (want-satisfying power), Total Utility (TU) (total satisfaction), and Marginal Utility (MU) (extra satisfaction from one more unit). The Law of Diminishing Marginal Utility states that as consumption rises, MU falls. consumer equilibrium class 11 notes free