GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Micro economics deals primarily with
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Comparative statics, general equilibrium and positive economics
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Comparative statics, partial equilibrium and normative economics
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Dynamics, partial equilibrium and positive economics
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Comparative statics, partial equilibrium and positive economics
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Explanation:
Detailed explanation-1: -Definition: Microeconomics is the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Detailed explanation-2: -Therefore it is right to state that micro economics is a partial equilibrium analysis.
Detailed explanation-3: -Microeconomics is mainly concerned with the behaviour of decision takers like individuals, households or firms within an economy.
Detailed explanation-4: -Elasticity of demand. Marginal utility and demand. Elasticity of supply.
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