BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumer
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producer
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Firm
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General Employment
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Detailed explanation-1: -General price level is related to the prices of most of the commodity in a nation at a certain period of time. Therefore, it is not a micro variable.
Detailed explanation-2: -The determination of the cost of a product is not a part of the microeconomic study. Explanation: The study of cost/price is part of macroeconomics rather than microeconomics. Microeconomics is defined as the study of the behavior of individuals and making decisions on resource allocation.
Detailed explanation-3: -The correct answer is option 2, i.e. the determination of prices in the agricultural sector. Agricultural prices do affect macroeconomics, but it is not a direct issue studied, unlike the other three.
Detailed explanation-4: -Consumer behaviour, profit maximization, market mechanism all come under the study of microeconomics.