Walras' law implies that if there are N markets, we only need to find equilibrium prices in
A)N-1 markets.
B)N-2 markets.
C)all markets
D)N-3 markets

Name: Walras' law implies that if there are N markets, we only need to find equilibrium prices in A)N-1 markets. B)N-2 markets. C)all markets D)N-3 markets
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Question

Quizplus · Accepted Answer

Walras' law states that if N-1 markets are in equilibrium, then the Nth market must also be in equilibrium. Therefore, finding equilibrium prices in N-1 markets is sufficient.

Walras' Law Implies That If There Are N Markets, We