Q 29. Which of the following is not a Micro Economic study?
a)Determination of Price Commodity. b)Study of the manufacturing sector c)Determination of wage rate for computer engineers.
d)Determination of cost of a product.
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Answer:
D Determination of cost of a product
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The determination of the cost of a product is not a part of the microeconomic study.
Explanation:
- The study of cost/price is part of macroeconomics rather than microeconomics.
- Microeconomics is defined as the study of the behavior of individuals and making decisions on resource allocation.
- For example, In microeconomics, we can examine the resources needed to the company and can work on a production increase.
- This includes supplying resources, demanding the outcome, and setting the margin in the company.
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