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Utility refers to the satisfaction that each choice provides to the decision maker. Thus, utility theory assumes that any decision is made on the basis

"Utility refers to the satisfaction that each choice provides to the decision maker. Thus, utility theory assumes that any decision is made on the basis of the utility maximization principle, according to which, the best choice is the one that provides the highest utility (satisfaction) to the decision maker".

In terms of the above statement, discuss consumer equilibrium according to utility theory.

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