Which among the following is an example of micro-economic variable?
Consumer's Equilibrium
Microeconomics deals with individual economic units (a consumer, a firm, a single market), while macroeconomics deals with economy-wide aggregates.
Consumer's Equilibrium - the situation where an individual consumer maximises utility from a given income and prices (condition \(\frac{MU_x}{P_x}=\frac{MU_y}{P_y}\)) - is a micro-economic variable. National Income, Aggregate Supply and Employment are all economy-wide aggregates and hence macro-economic variables.
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Term
Meaning
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