Tag - establish

Discuss micro-economics. How is micro-economics useful in analysing market mechanism that establish relative prices and allocation of limited resources amongst many alternative uses?

Ans. Micro-economics - The term 'micro' means small. Therefore, micro-economics deals with the economic actions of individuals and groups of individuals and firms. This can be stated in another way that microeconomics presents the economic microscopic view of the company. In the words of K.E. [...]