Question

what is the difference between partial equilibirium and general equilibirium​

Answer 1

Explanation:

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Answer 2

Answer:

Partial Equilibrium General Equilibrium

(a) Micro economics uses partial equilibrium analysis based on the assumption, other things remaining constant. (a) Macro economics uses general equilibrium. It is not based on any` assumption.

(b) Partial equilibrium studies the equilibrium of a consumer, a firm, an industry or a market. (b) It deals with the equilibrium position of the economy as a whole.

(c) It deals with one or two variables at a time. So it is a simple method. It is independent. (c) It deals with all the variables of the economic system simultaneously. So it is sophisticated. There is interdependence between variables.

(d) Partial Equilibrium is regarded as a worm's eye-view. (d) General Equilibrium is a bird's eye-view.

Explanation: