Question

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

Answer 1

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.