"Walrasian" refers to concepts derived from the work of Léon Walras, a French economist known for his contributions to general equilibrium theory. This theory examines how supply and demand interact in multiple markets simultaneously, leading to an overall balance in the economy. A Walrasian market is characterized by the idea that prices adjust to ensure that the quantity supplied equals the quantity demanded across all markets. In a Walrasian framework, individuals and firms act as price takers, meaning they accept market prices as given and make decisions based on those prices. This model assumes perfect competition and rational behavior, where all agents have complete information. The Walrasian approach helps economists analyze how resources are allocated efficiently in an economy.