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Consumer equilibrium

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Questions and Answers

What is the duration of the CBSE Class 11 Economics exam for the academic year 2023-24?

2 Hours

4 Hours

3 Hours (correct)

5 Hours

What is the marks distribution for the theory portion of CBSE Class 11 Economics Syllabus 2023-24?

100 Marks

60 Marks

80 Marks (correct)

50 Marks

When was the CBSE Syllabus for Class 11 Economics 2023-24 released?

At the beginning of the academic year

Midway through the academic year

Not specified in the text (correct)

At the end of the academic year

Where can students download the CBSE Syllabus for Class 11 Economics 2023-24?

Directly from the provided page Signup and view all the answers

What does the CBSE Class 11 Economics Syllabus primarily aim to provide?

An extensive range of concepts and an introduction to the subject Signup and view all the answers

What is the primary objective of general equilibrium theory in economics?

To explain the interaction of supply, demand, and prices in a whole economy Signup and view all the answers

How does general equilibrium theory differ from partial equilibrium theory?

Partial equilibrium theory considers the interaction of demand and supply in one market. Signup and view all the answers

What are constant influences considered to be in general equilibrium theory?

Noneconomic factors beyond the scope of economic analysis Signup and view all the answers

The prediction accuracy of an equilibrium model may depend on what?

The independence of economic factors from noneconomic ones Signup and view all the answers

What does general equilibrium theory seek to determine regarding its own assumptions?

In which circumstances the assumptions of general equilibrium will hold Signup and view all the answers

Study Notes

General Equilibrium Theory

Attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets
Seeks to prove that the interaction of demand and supply will result in an overall general equilibrium

Contrast with Partial Equilibrium Theory

General equilibrium theory contrasts with partial equilibrium theory, which analyzes a specific part of an economy
In partial equilibrium theory, other factors are held constant, whereas in general equilibrium theory, constant influences are considered noneconomic

Noneconomic Influences

Constant influences are considered to be noneconomic, or beyond the scope of economic analysis
Noneconomic influences may change given changes in economic factors
Prediction accuracy of an equilibrium model may depend on the independence of economic factors from noneconomic ones

General Equilibrium Model

Studies economies using the model of equilibrium pricing
Seeks to determine in which circumstances the assumptions of general equilibrium will hold

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Description

Test your knowledge of general equilibrium theory in economics, which seeks to explain the behavior of supply, demand, and prices in a whole economy with several interacting markets. Contrast it with the theory of partial equilibrium and understand the constant influences considered in general equilibrium.