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Characteristics of Equilibrium Constant

Micro economi...

Question

Micro economics is a _________ equilibrium approach.

A

General

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B

Partial

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C

Total

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D

Multi-variable

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Solution

The correct option is B Partial
Microeconomics is a study of demand and supply of particular commodity or service.
It studies micro variables.
Partial equilibrium is a condition of economic equilibrium which takes into account only a part or small units of the market to attain equilibrium.
Therefore it is right to state that microeconomics is a partial equilibrium analysis.

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Similar questions

Q. Micro economics is a _________ equilibrium analysis.

Q. Fill in the blanks with appropriate alternatives given in the brackets.

1) The terms Micro and Macro Economics were first used by _______________. (Adam Smith/ Robbins/ Ragner Frisch/ Marshall).

2) Micro Economics is a study of _________. (Whole economy/ general price level/ National output/ Individual economic unit).

3) Micro Economics is also called as ________________. (Income theory/ Price theory/ Growth theory/ Employment theory)

4) Micro Economic analysis adopts __________________ method. (lumping/ aggregative/ Slicing/ inclusive)

5) Micro Economics is a __________________________ equilibrium approach. (partial/ general/ total/ multi-variable).

Q. Which of the following is not a variable of micro economics?

Q. A study of a ________ will be a part of micro economics.

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.

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