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Which of the following is a limitation of microeconomics?
It helps in formulating government policies.
Microeconomics fails to explain the functioning of an economy as a whole.
It cannot explain unemployment, poverty, illiteracy, and other problems prevailing in the country.
Both (2) and (3)
Option (4) is correct.
Explanation: Microeconomics helps in formulating economic policies which enhance productive efficiency and results in greater social welfare. But it has a limitation.
Microeconomics fails to explain the functiong of an economy as a whole. It cannot explain unemployment, poverty, illiteracy and other problems prevailing in the country.
By: Parvesh Mehta ProfileResourcesReport error
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