Question : What are the main tools of microeconomics?
Option 1: Demand and supply
Option 2: Demand and cost
Option 3: Supply and producer's equilibrium
Option 4: All of the above
Answer (1)
23rd Jan, 2024
Correct Answer: Demand and supply
Solution : Microeconomics is the branch of economic theory that examines how various components of an economy behave. For instance, a person's income, the price of a commodity, etc. Demand and supply are its major tools. Hence, the correct option is 1.
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