1.

Define micro economics?

Answer»

1. Micro economics is the study of the economic actions of individual units say households, firms or industries. 

2. It studies how business firms operate under different market conditions. 

3. The combined actions of buyers and sellers determine prices. 

4. Micro economics covers:

  • Value theory [product pricing and factor pricing]
  • Theory of economic welfare.


Discussion

No Comment Found

Related InterviewSolutions