What is a general equilibrium in a market?

Normally in order to understand equilibrium, we must first think of the concepts of supply and demand. In a market in order to reach equality between two variables or equilibrium in economic terms, we need to equal supply and demand.  

MP
Answered by Martin P. Economics tutor

1837 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain one externality that could come about as a result of a factory producing clothes.


Give the definition of an externality and explain why it is a market failure?


What is a liquidity trap?


What is the PPF curve and what would cause it to shift?


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2025 by IXL Learning