Question

outline characteristics of microeconomics

Answer 1

Answer:

Microeconomics - Meaning Scope Features Uses Limitations

Commodity Pricing. Prices of individual commodities are determined by market forces of demand and supply. ...

Factor Pricing. Land, labour, capital and entrepreneur, all factors contribute in production process. ...

Welfare Theory. ...

Nature of Analysis. ...

Method. ...

Scope. ...

Application. ...

Nature of Assumptions.