BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The size of national output
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The level of employment
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Change in the general level of prices
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None of the above
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Detailed explanation-1: -Microeconomics is primarily concerned with the factors that affect individual economic choices, the effect of changes in these factors on the individual decision makers, how their choices are coordinated by markets, and how prices and demand are determined in individual markets.
Detailed explanation-2: -Microeconomics is mainly concerned with the behaviour of decision takers like individuals, households or firms within an economy.
Detailed explanation-3: -Microeconomics is a branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of limited resources.
Detailed explanation-4: -Microeconomics does not deal with the aggregate economy.
Detailed explanation-5: -Micro economics deals with the study of economics from the view point of an individual unit. Factor pricing refers to the prices of various factors (like land, labor, capital and entrepreneurship) of production which is decided on the basis of market forces, i.e. demand, supply, and income which are micro variables.