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Economy

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Question

Give reasons or explain:
Micro economics is also known as price theory.

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Solution

Microeconomics studies the study of economics from the view point of an individual unit. Price theory studies how prices of goods are determined in the commodity market and how process of factors of production are determined in the factor market. Thus micro economics is also known as price theory.

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Q. Give reasons or explain the following statements.

1) Micro Economics is also known as price theory.

2) Micro Economics studies individual economic unit.

3) Micro Economics analyses partial equilibrium.

4) Micro Economic theories are based on certain assumptions.

5) Marginalism principle is used as a tool of analysis in micro economics.

Q. Give Reasons or explain the following statements.
Macro Economics is also known as income and employment theory.

Q. Give reasons or explain the following statements

1) Macro-Economics is the study of aggregates.
2) Macro-Economics is also known as income and employment theory.
3) The scope of Macro-Economics is wide.
4) Macro-Economics deals with whole economy.
5) Macro-Economics is different from Micro-Economics.

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

Q. Give Reasons or explain the following statements.
Macro Economics is different from Micro Economics. Or Macro Economics is wider than Micro Economics.

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