Please explain:-
Why is microeconomics called Price theory?
Thank you!
Answers
Answered by
3
please mark as brainliest
Attachments:
Answered by
11
Hi There,
Microeconomics deals with determination of prices of the factors employed in production i.e. land, labour, capital and entrepreneurship. The prices of these factors are referred as rent, wages, interest and profits. It also helps in determining the price of individual commodities.That is why, microeconomics is called price theory..thank you
Microeconomics deals with determination of prices of the factors employed in production i.e. land, labour, capital and entrepreneurship. The prices of these factors are referred as rent, wages, interest and profits. It also helps in determining the price of individual commodities.That is why, microeconomics is called price theory..thank you
Similar questions