| 单词 | tangency equilibrium |
| 释义 | tangency equilibrium An equilibrium which can be represented as a position of tangency between two curves. Consumer equilibrium, for example, is represented as the point where a budget line, which is normally a straight line, is tangential to an indifference curve, which normally has a positive second derivative. A tangency equilibrium is contrasted with a corner solution, where the budget line and the indifference curve need not have the same slope. At any point where consumption of both goods is positive, if the budget line and the indifference curve differ in slope, a change in consumption can always make the consumer better off. At a corner solution, with zero consumption of one good, the requirement for equilibrium is that the relative slopes of the budget line and indifference curve mean that increased consumption of the zero-consumption good does not pay: consumption cannot be decreased if it is zero already. |
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