A general equilibrium is defined as a state in which all economic units maximize their respective objective functions, all prices are simultaneously in equilibrium and all markets are cleared. The statement is
A. Correct
B. Not correct
C. Perfectly correct
D. None of the above
Answer:A
A general equilibrium is defined as a state in which all economic units maximize their respective objective functions, all prices are simultaneously in equilibrium and all markets are cleared. The statement is
A. Correct B. Not correct C. Perfectly correct D. None of the above