The difference between the general equilibrium and partial equilibrium analysis.
Explanation of Solution
Partial equilibrium analysis is one which deals with the
General equilibrium analysis: The general equilibrium analysis is the determination of equilibrium in all the related markets, when the simultaneous equilibrium is determined by considering the feedback effects.
Partial equilibrium analysis: The partial equilibrium analysis is done when the equilibrium in a single market is determined without consideration of the feedback effects.
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Chapter 16 Solutions
Study Guide for Microeconomics
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Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
