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

1714 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Define market failure and give an example. Explain how government intervention may reduce market failure.


Explain two disadvantages of specialisation.


Explain what the possible results could be from increasing the Euro/US dollar exchange rate (you are Euro)


What is productive efficiency?


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