The notion that in a world with n markets,if n

Question

The notion that in a world with n markets,if n - 1 are in equilibrium,so must the nth,is known as
A)the uncertainty principle.
B)the first law of international trade.
C)Walras Law.
D)Friedman Law.

Quizplus · Accepted Answer

This principle is known as Walras Law, named after French economist Léon Walras who first proposed it. It states that in a general equilibrium system, if n-1 markets are in equilibrium, then the nth market must also be in equilibrium. It is a fundamental principle in the study of general equilibrium in economics.