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© 2009 Pearson Education, Inc. Publishing as Prentice Hall   Principles of Economics 9e by Case, Fair and Oster

General Equilibrium Analysis

Formal Proof of a General Competitive Equilibrium

Economic theorists have struggled with the question of whether a set of prices that equates supply and demand in all markets simultaneously can actually exist when there are literally thousands and thousands of markets. If such a set of prices were not possible, the result could be continuous cycles of expansion, contraction, and instability.

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