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Learning Objectives
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After reading this chapter, students should be able to:

  • Explain how general equilibrium analysis helps economists to understand interdependence among markets.
  • Use a simple general equilibrium model to answer positive economic questions.
  • Identify criteria for answering normative economic questions.
  • Describe how competitive markets achieve efficient exchange and efficient production in general equilibrium.
  • Discuss how the goals of equity and efficiency can come into conflict.








Bernheim: Microeconomics 1eOnline Learning Center

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