Explain why an excess demand function, in the discussed model of a market of a single good
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Explain why an excess demand function, in the discussed model of a market of a single good with exogenously determined functions of supply and demand, is positively homogenous of degree 0 and satisfies Walras's law only for an equilibrium price.
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Related Book For
Microeconomics Static And Dynamic Analysis Springer Texts In Business And Economics
ISBN: 9783031105531
1st Edition
Authors: Krzysztof Malaga, Karolina Sobczak
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