Question

Price determination and consumer behaviour is studied under which economics?

• A. Macroeconomics
• B. Microeconomics
• C. International economics
• D. None of these

Hint:

Microeconomics focuses on the study of individual markets, the pricing of goods and services, and the behavior of consumers and firms.

Answer 1

The Correct Option is B

Step 1: Understanding the context.
Price determination and consumer behavior are topics primarily studied in microeconomics. Microeconomics focuses on the behavior of individual consumers and firms in the market, how prices are determined, and how these factors influence supply and demand.

Step 2: Analyzing the options.
(A) Macroeconomics: This is incorrect. Macroeconomics deals with large-scale economic factors like national income, inflation, and unemployment, not individual market behavior or price determination.
(B) Microeconomics: Correct. Microeconomics examines the factors that influence individual consumer choices, the behavior of firms, and how prices are determined in specific markets.
(C) International economics: This is not correct. International economics focuses on trade, exchange rates, and global economic factors rather than individual market behaviors.
(D) None of these: This is incorrect, as the correct answer is (B) Microeconomics.

Step 3: Conclusion.
Price determination and consumer behavior are studied under Microeconomics. Hence, the correct answer is (B) Microeconomics.