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

2056 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain one possible effect on the equilibrium market price of an increase in production costs for firms


How do barriers to entry help monopolies maintain power?


8 What is likely to happen when the rate of interest increases? A) consumer spending increases B) firms buy fewer machines C) people hold more cash D) savers earn lower rewards


Explain one benefit of international trade for UK consumers.


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:

© 2026 by IXL Learning