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Question : Which among the following is an example of a micro-economic variable?

Option 1: National income

Option 2: Aggregate supply

Option 3: Employment

Option 4: Consumer's equilibrium


Team Careers360 10th Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

Correct Answer: Consumer's equilibrium


Solution : The correct answer is the Consumer's equilibrium.

Microeconomics is a branch of economics that focuses on individual economic agents, such as consumers and corporations, and their interactions within specific marketplaces. One of the important microeconomic variables is the consumer's equilibrium. It refers to the point where an individual consumer's decisions regarding the consumption of products and services are in balance with their pursuit of pleasure or utility maximization, given their preferences and budget constraints. This concept is microeconomic as it examines the decision-making processes of individual consumers within specific market settings.

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