What is the difference between Partial equilibrium and General equilibrium?

## CERTIFIED ANSWER

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Partial Equilibrium

1)Developed byAlfred Marshall

2)Related to single variable

3)Based on two assumptions:

- Ceteris Paribus
- Other sectors are not affected due to change in one sector

4)Other things remaining constant, price of a good is determined

General Equilibrium

Léon Walraswas first to develop it.

More than one variable or economy as a whole is taken into consideration

It is based on the assumption that various sectors are mutually interdependent.

There is an effect on other sectors due to change in one.

Prices of goods are determined simultaneously and mutually.

Hence all product and factor markets are simultaneously in equilibrium.

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