Asked by
Montanna Washington
on Nov 05, 2024
Verified
General equilibrium exists when all markets in an economy are simultaneously in equilibrium.
General Equilibrium
A situation in which supply and demand are balanced across all markets in the economy.
Simultaneously Equilibrium
A condition in which demand and supply are balanced at the same time across multiple markets or within a complex system.
- Identify distinctions between total equilibrium and specific equilibrium analysis.
Verified Answer
MM
Learning Objectives
- Identify distinctions between total equilibrium and specific equilibrium analysis.
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