According to Walras' Law, in a general competitive equilibrium with a total of ____ markets, if supply equals demand in the first _____ markets, then supply will equal demand in the _____ market as well.
A)three; two; first
B)three; three; third
C)three; two; third
D)three; three; first

Question

Quizplus · Accepted Answer

Walras' Law states that if in an economy with a certain number of markets, if supply equals demand in all but one market, then supply must also equal demand in that last market. Therefore, in a scenario with three markets, if supply equals demand in the first two, it must automatically equal demand in the third market as well.

According to Walras' Law, in a General Competitive Equilibrium with a Total