GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which theory is generally included under micro economics?
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price theory
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income theory
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employment theory
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trade theory
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Explanation:
Detailed explanation-1: -Price theory is also known as microeconomics. Price theory explains the production, consumption, allocation, and pricing of goods and services.
Detailed explanation-2: -The theory of price in microeconomics states that the price of a particular good or service is determined by the relationship between producer supply and consumer demand at any given point. Prices should rise if demand exceeds supply and fall if supply exceeds demand.
Detailed explanation-3: -Consumer demand theory. Production theory. Cost-of-production theory of value. Fixed and variable costs. Opportunity cost. Price Theory.
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