Micro Economics FAQs

Frequently Asked Questions :

Q1. Why does an economic problem arise ?

Q2. How is “choice” a core parameter in the study of economics ? 

Q3. What is the problem of Resource Allocation ? 

Q4. What is microeconomics? State its vital components ?

Q5. What do you mean by demand for a commodity ?

Q6. How does demand differs from desire ?

Q7. Distinguish between ex ante and ex post demand ?

Q8. What is joint demand ?

Q9. What is composite demand ?

Q10. What is meant by derived demand ?

Q11. Differentiate between price demand and income demand ?

Q12. What do understand by substitute goods ?

Q13. What do understand by complementary goods ?

Q14. How do we distinguish between Related goods and Unrelated goods ?

Q15. How do we distinguish between Normal goods and Inferior goods ?

Q16. What is Giffen Paradox ?

Q17. Why are goods demanded ?

Q18. What is income effect? When is income effect positive or negative ?

Q19. What is substitution effect ?

Q20. State the Law of  Demand ? 

Q21. Mention any four factors other than price of the commodity which affect the demand for that commodity ?