GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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We mainly study the following in Micro-Economics:
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General price level
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National income and output
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Demand of industry
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Employment and economic growth
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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: -Consumer behaviour, profit maximization, market mechanism all come under the study of microeconomics.
Detailed explanation-3: -Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics.
Detailed explanation-4: -Elasticity of demand. Marginal utility and demand. Elasticity of supply.
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