State with reason whether you agree or disagree with the following statement: Micro Economics is known as income theory

Balbharati solutions for Economics HSC 12th Standard Maharashtra State Board 

 

Chapter 1 - Introduction to Micro and Macro Economics [Latest edition]


Q.5. State with reason whether you agree or disagree with the following statement:

Micro Economics is known as income theory.

Options

Agree

Disagree

No, I Disagree with the above statement.

Reason: -

Microeconomics: It is that part of economics that deals with the individual units of the economy.

No, microeconomics is not known as the income theory, rather, it is known as the price theory.

coz as it focuses on determining the prices of commodities and factors of production in the market.