Question

Which of the following Is a branch of Micro Economics ?
(a) Product Price Determination
(b) Factor Price Determination
(c) Economic Welfare
(d) All of these​

Answer 1

Answer:

D) All of these

Explanation:

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Answer 2

All of the above (option d)

• The branch of economics that deals with single factors and decisions made by individual are termed Microeconomics

• It deals with economic issues of the individuals and the marketing of goods and services.
• The various branch of Micro Economics include the :

Product Prize determination

• The supply  and demand law is used to determine the price of the product
• When the consumers are in need of a product then the producers manufacture a supply to meet this demand
• The price of the product is determined by evaluating the demand of the product, cost of manufacture, competition of the product, and quality of the product

Factor prize determination

• The price of  a factor is also calculated by the need of the factor in that product
• The price of the factor of production is determined by the demand of that factor and the supply of the factor

• But it depends on the marginal revenue product of the factor

Economic Welfare

• The branch of microeconomics also include the welfare of Economics
• It includes solving the problems in improving the quality of the products and attaining welfare of the society