Question : Statement 1: The concept of consumer equilibrium assumes that the consumer has perfect information about prices and product attributes.

Statement 2: The consumer's equilibrium is based on rational decision-making and the pursuit of maximum satisfaction.

Option 1: Statement 1 is true, and statement 2 is false.

Option 2: Statement 1 is false, and statement 2 is true.

Option 3: Both statement 1 and statement 2 are true.

Option 4: Both statement 1 and statement 2 are false.

Question : Statement 1: A consumer achieves equilibrium by consuming equal quantities of all goods.

Statement 2: The concept of consumer equilibrium assumes that the consumer's goal is to maximize their total utility.

Question : Statement 1: The concept of marginal utility becomes irrelevant when the consumer faces perfect competition.

Statement 2: In perfect competition, the consumer is a price taker and must accept the market price without considering individual preferences.

Question : Statement 1: The consumer achieves equilibrium when the marginal utility per dollar spent is equal for all goods.

Statement 2: At equilibrium, the consumer maximizes their total utility within the constraints of their budget.

Question : Statement 1: The concept of consumer equilibrium can occur at multiple points of tangency between the budget line and indifference curves.

Statement 2: The consumer can achieve the same level of utility by choosing different combinations of goods that are equally

Question : Statement 1: The consumer's equilibrium is achieved when the budget line is steeper than the highest attainable indifference curve.

Statement 2: The consumer's equilibrium is determined by the intersection of the budget line and the highest attainable