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    General equilibrium theory

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    General equilibrium theory is a branch of theoretical microeconomics. It seeks to explain the behavior of supply, demand and prices in a whole economy. It is often assumed that agents are price takers and in that setting two common notions of equilibrium exist: Competitive equilibrium and its ...

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    The solution answers the question below and goes into quite a bit of detail regarding the General Equilibrium Theory. The answer is ideal for students looking for a detailed analysis of the question asked below. An excellent response to the question being asked.

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