General equilibrium exists when all markets in an economy are simultaneously in equilibrium.

Name: General equilibrium exists when all markets in an economy are simultaneously in equilibrium.
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General equilibrium refers to a situation in the economy where all markets (goods, services, labor, etc.) are in equilibrium at the same time, meaning supply equals demand in each market, and there are no forces pushing prices or quantities away from their equilibrium levels.

General Equilibrium Exists When All Markets in an Economy Are