Sonnenschein-Mantel-Debreu (SMD) theorem in macroeconomics
States that it cannot be assumed that the demand curve for a single market can be assumed to be smoothlty downward-slopping just because the demand curve of individuals is downward-slopping.
States that it cannot be assumed that the demand curve for a single market can be assumed to be smoothlty downward-slopping just because the demand curve of individuals is downward-slopping.