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Question

To study the impact of rise in the price of edible oils on the demand of edible oil is the concern of ____________.

A
macroeconomics
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B
microeconomics
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C
positive economics
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D
normative economics
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Solution

The correct option is B microeconomics

To study the impact of rise in the price of edible oils on the demand of edible oil is the concern of Microeconomics. Microeconomics 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 and helps in studying the prices of products according to it.


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