Which of the Following Is True of the General Equilibrium

question 16

Essay

Which of the following is true of the general equilibrium analysis?
a.It assumes that a change initiated in a market does not affect prices in other markets.
b.It determines changes in equilibrium price in a market assuming that all other markets are in equilibrium.
c.The ceteris paribus assumption is crucial in determining changes in price and quantity in general equilibrium analysis.
d.It is useful in determining price and quantity of goods and services when the markets mutually interdependent.

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Definitions:

Nonunion Representation

Representation of workers' interests in the workplace without the formal structure or support of a labor union.

Quality

The standard of something as measured against other things of a similar kind; the degree of excellence of something.

Productivity

Refers to the efficiency of production in terms of the amount of goods or services produced relative to the inputs used, such as labor and capital.

NLRA

The National Labor Relations Act, US legislation that protects the rights of employees to organize and to bargain collectively with their employers.