does partial equilibrium means less satisfaction

Dear student,

 Partial equilibrium is a condition of 
economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.
 With the application of partial equilibrium analysis, consumer’s equilibrium is indicated when he is getting maximum aggregate satisfaction from a given expenditure and in a given set of conditions relating to price and supply of the commodity.
It does not mean less satisfaction.

Regards

 

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