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      Question

      Walraw’s Law states the

      following:
      A If (n-1) markets clear in a total of n markets, market n will also automatically clear Correct Answer Incorrect Answer
      B There are economic profits in a state of general equilibrium of the economy Correct Answer Incorrect Answer
      C An individual’s utility is determined by consumption and leisure Correct Answer Incorrect Answer
      D Other things being equal, an increase in price level of a commodity will reduce the quantity demanded of it. Correct Answer Incorrect Answer

      Solution

      Walras's law is an economic theory, which states that the existence of excess supply in one market must be matched by excess demand in another market so that both factors are balanced out. Walras's law asserts that an examined market must be in equilibrium if all other markets are in equilibrium.

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