Question : Which of the following statement is incorrect?

Option 1: Microeconomics is primarily concerned with the problem of what, how, and when to produce.

Option 2: Microeconomics is primarily concerned with the economic behavior of individual decision-making units when at equilibrium.

Option 3: Microeconomics is primarily concerned with the time, path, and process by which one equilibrium position evolves into another

Option 4: Microeconomics is primarily concerned with comparative statics rather than dynamics.

Question : Consumer equilibrium is the point at which_________

Option 1: MU < Price

Option 2: MU = Price

Option 3: MU > Price

Option 4: None of the above

Question : An economy is in equilibrium. Its consumption function is C= 200+0.70Y, Investment = 400. Find national income.

Option 1: 1000

Option 2: 1500

Option 3: 2000

Option 4: 2500