Economics · General Equilibrium
A necessary (but not sufficient) condition for the existence of a general equilibrium is that the:
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- 1Number of independent equations and the number of unknowns must be equal✓
- 2Prices of all goods should be equal
- 3Supply of factors and prices of goods must be equal
- 4Demand for factors and supply of goods should be the same
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Number of independent equations and the number of unknowns must be equal
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