HSC Arts 12th Board ExamMaharashtra State Board
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Micro Economics is a _____________ Equilibrium Approach - HSC Arts 12th Board Exam - Economics

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Question

Micro economics is a _____________ equilibrium approach. (partial/general/total/multi-variable)

Solution

Micro economics is a partial equilibrium approach.

Explanation:
Microeconomics deals with the study of small and individual units and analyses the equilibrium positions of these units. As it assumes the isolation of an individual unit with other things remaining constant, it neglects the interdependence of various factors. Thus. it is said to a partial equilibrium approach.

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APPEARS IN

 2013-2014 (March) (with solutions)
Question 1.1.1 | 1.00 mark

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Solution Micro Economics is a _____________ Equilibrium Approach Concept: Introduction and Features of Micro Economics.
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