Asked by DreamHome Furnishings on Jul 22, 2024
Verified
When all markets are in simultaneous equilibrium, the general equilibrium condition has been satisfied.
General Equilibrium
An economic condition where supply and demand are balanced across all markets in the economy, leading to an optimal distribution of resources.
Simultaneous Equilibrium
A condition in which all markets in an economy are in equilibrium at the same time, reflecting a balance between supply and demand.
- Unravel the discrepancy between collective equilibrium and singular equilibrium analysis.
Verified Answer
RG
Rachel GarciaJul 22, 2024
Final Answer :
True
Explanation :
General equilibrium refers to a situation where all markets in an economy are in equilibrium at the same time, meaning supply equals demand in each market, satisfying the general equilibrium condition.
Learning Objectives
- Unravel the discrepancy between collective equilibrium and singular equilibrium analysis.
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