The condition that exists when all markets in an economy are in simultaneous equilibrium is known as
A) market equity.
B) Pareto efficiency.
C) partial equilibrium.
D) general equilibrium.

Question

Quizplus · Accepted Answer

General equilibrium refers to a situation in which all markets in an economy are in simultaneous equilibrium, meaning that supply equals demand in every market, taking into account the interrelations and feedbacks between different markets.

The Condition That Exists When All Markets in an Economy