Which of the following is incorrect? a. A partial equilibrium analysis studies t

Question

Which of the following is incorrect?

a. A partial equilibrium analysis studies the determination of price and output in a single market.
b. A general equilibrium analysis studies the determination of price and output in more than one market simultaneously.
c. A partial equilibrium analysis ignores either consumers or producers in the analysis and looks only ay one-half of the market.
d. A general equilibrium analysis would be useful to study two goods that are linked in some way, such as complementary or substitutable goods.

Explain.

Explanation / Answer

option (b) is correct.

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