What are the features of Micro Economics?
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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.
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The main feature of microeconomics is Unit of study, nature of the analysis, resource allocation, economic efficiency, method decision, the theory of price economic, welfare application, marginal analysis, approach construction of models, nature of assumptions, perfect mobility of resource, perfect knowledge, employment or capitalism, diminishing, returns, marginal, utility, etc.. I think you got it right.
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