Walrasion equilibrium:
A solution to consumer's utility maximisation problem when we take prices as given yields the demand function for a consumer. In the equilibrium the aggregate demand cannot exceed the endowment. The Walrasian Equilibrium refers to a pair of price and consumption bundle (P*, x*) such that
![1848_Walrasion equilibrium.png](https://www.expertsmind.com/CMSImages/1848_Walrasion%20equilibrium.png)
If we assume that all markets are perfectly competitive and consumers participating there are price takers, then Walrasian equilibrium is called a competitive equilibrium.