Question

Microeconomics is also known as ______.

Options

• Price Theory

• Income Theory

• Growth Theory

• Development Theory

Answer 1

Microeconomics is also known as price theory.

Explanation:

Microeconomics is known as ‘Price Theory’ because it primarily studies how the prices of goods and services are determined in individual markets. It focuses on how market equilibrium and price determination are achieved through the interaction of demand and supply.