When all markets in the economy are simultaneously in equilibrium,we say
A)markets are complete.
B)markets are perfect.
C)there is disequilibrium.
D)there is general equilibrium.

Question

Quizplus · Accepted Answer

When all markets in the economy are simultaneously in equilibrium, it is referred to as general equilibrium. This means that the supply and demand for goods and services, as well as the factors of production, are in balance and there is no excess supply or demand in any market. The concept of general equilibrium is an important one in economics and helps to understand how different markets in an economy are interrelated.

When All Markets in the Economy Are Simultaneously in Equilibrium,we