Question:
Given below are two statements: one is labelled as Assertion A and the other is labelled as Reason R.
Assertion A: Walras' law states that the value of aggregate excess demand for all markets is zero.
Reason R: If (K-1) markets are in equilibrium, then the market for good K will automatically have demand equal to supply.
In the light of the above statements, choose the most appropriate answer from the options given below:
Given below are two statements: one is labelled as Assertion A and the other is labelled as Reason R.
Assertion A: Walras' law states that the value of aggregate excess demand for all markets is zero.
Reason R: If (K-1) markets are in equilibrium, then the market for good K will automatically have demand equal to supply.
In the light of the above statements, choose the most appropriate answer from the options given below:
Assertion A: Walras' law states that the value of aggregate excess demand for all markets is zero.
Reason R: If (K-1) markets are in equilibrium, then the market for good K will automatically have demand equal to supply.
In the light of the above statements, choose the most appropriate answer from the options given below:
Updated On: Mar 12, 2024
- Both A and R are correct and R is the correct explanation of A
- Both A and R are correct but R is NOT the correct explanation of A
- A is correct but R is not correct
- A is not correct but R is correct
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The Correct Option is A
Solution and Explanation
The correct option is(A): Both A and R are correct and R is the correct explanation of A
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