Asked by
Francisco Azevedo
on Nov 05, 2024
Verified
When one market reaches a new equilibrium, the general equilibrium condition has been satisfied.
General Equilibrium
A condition in an economy where supply and demand are balanced across all markets simultaneously.
Market Equilibrium
The state in which the supply of an item is exactly equal to its demand, leading to a stable market price.
- Discern the differences between overall equilibrium and segmental equilibrium analysis.
Verified Answer
BM
Learning Objectives
- Discern the differences between overall equilibrium and segmental equilibrium analysis.
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