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Define the generality of economic theory in the modern economics.

Generality of Economic Theory

An economic theory is based onto assumptions imposed onto economic environments, economic institutions and individuals’ behavior. The more general such assumptions are, the more powerful, helpful, or significant the theory which comes from them is. The common equilibrium theory is considered this theory.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9581689

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