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Question
State whether the following statement is TRUE or FALSE.
Micro Economics deals with allocation of resources.
Options
TRUE
FALSE
Solution
True
Microeconomics explains the optimum allocation of resources. It explains the distribution of resources among the competing groups in a manner that ensures their efficient usage; that is, there is minimum wastage of resources. In other words, it explains us how these scarce resources should be distributed so that they can be utilised to the fullest.
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