limitations of microeconomics
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Some of the limitations of microeconomics
- Excessive Generalisation
- Heterogeneous elements
- limited Application
- Diffrence within aggregate
- lack of knowledge of whole economy
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Explanation:
Some of the important limitations of microeconomics are listed below:
1.Excessive Generalisation: ...
2.Excessive Thinking in terms of Aggregates: ...
3.Heterogeneous Elements: ...
4.Differences within Aggregates: ...
5.Aggregates must be functionally related: ...
Limited Application:
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