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Question
Do you agree with the following statement? Give reason.
Micro Economics is known as income theory.
Options
Agree
Disagree
Solution
I Disagree with the above statement.
Explanation:
Micro economics is not known as the income theory, rather, it is known as the price theory, as it focuses on determining the prices of commodities and factors of production in the market.
RELATED QUESTIONS
Give reason or explain the following statement:
Micro economics is also known as price theory.
Write whether the following statement is True or False:
Price theory is the base of micro economic analysis.
Fill in the blanks with appropriate alternatives given in the bracket.
If the price of the inferior goods falls, the demand for them will ________.
Complete the correlation:
Macro Economics : ______ :: Micro Economics : Price theory.
Complete the correlation:
Macro economic theory : Income and employment : : Micro economics : ______
