Micro Economics is a _________ equilibrium approach. (partial / general / total / multi-variable). Fill in the blank with appropriate alternative given in the bracket.
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Micro Economics is a multi-variable equilibrium approach.
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Answer:
Partial
Explanation:
Micro Economics is a partial equilibrium approach.
Partial equilibrium is an economic equilibrium condition that takes into account only a portion of the market, in order to achieve equilibrium. It is a method that is powerfully easy and enables studying balance, effectiveness and the relative statics.
The technique of partial equilibrium equates supply and demand in one or more markets to stabilize prices at their point of equilibrium. It also does not capture all of an economy's markets and prices, and will not capture the effect of one factors modifications on other important economic markets.
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