3) Microeconomics deals with allocation of resources. State whether the following statements are TRUE or FALSE.

3) Microeconomics deals with allocation of resources. 

State whether the following statements are TRUE or FALSE.

Answer: True

Microeconomics explains the optimum allocation of resources. It explains the distribution of resources among the competing groups in a manner that ensures their efficient usage; that is, there is minimum wastage of resources. In other words, it explains to us how these scarce resources should be distributed so that they can be utilised to the fullest.

No comments: