Asked by
Markia Hawkins
on Nov 05, 2024
Verified
General equilibrium exists when any one market in an economy is in equilibrium.
General Equilibrium
A state in which all parts of the economy (supply, demand, prices) are in balance and all markets are at equilibrium.
Market Equilibrium
A situation in which market supply and demand balance each other, and as a result, prices become stable.
- Make distinctions between universal equilibrium and individual equilibrium analysis.
Verified Answer
LW
Learning Objectives
- Make distinctions between universal equilibrium and individual equilibrium analysis.
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