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Neha Rathi posted an Question
June 29, 2021 • 15:30 pm
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30 points
30 points
- UGC NET
- Economics
Concept of general equilibrium analysis
explain the concept of general equilibrium analysis in detail
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Rucha rajesh shingvekar
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In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
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Rucha rajesh shingvekar
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium analyzes the economy as a whole, rather than analyzing single markets like with partial equilibrium analysis. General equilibrium shows how supply and demand interact and tend toward a balance in an economy of multiple markets working at once.