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Economy

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Question

Do you agree with following statements? Give reasons.
Micro Economics is known as Price Theory.

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Solution

Yes. Micro economics is also called Price theory.
It is that part of economics which deals with the individual units of the economy.
It takes into account the demand and supply of individual units.
It aims to determine the price of a product using the factors of production. And is thus known as Price Theory.
Example: Individual income and Individual output.

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