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
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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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