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Some of the limitations of Micro Economics are given below.
1. Unrealistic Assumptions: Micro economics is based on unrealistic assumptions, especially in case of full employment assumption which does not exist practically. Even behaviour of one individual can not be generalised as the behaviour of all.
2. Inadequate Data: Micro economics is based on the information dealing with individual behaviour, individual customers. Hence, it is difficult to get correct information. So because of incorrect data Micro Economics may provide inaccurate results.
3. Ceteris Paribus: It assumes that all other things being equal (same) but actually it is not so.
What else can I help you with?
What is micro economics basic define?
define law of demand.explain it with the help of schedule and digram. also write its assumption and limitation
Micro-Economics is also called?
micro economics is also called?
Give the differences between micro and macro economics?
ten difference of micro economics macro economics
Who is first use a word of Micro economics?
Who is first use a words of micro economics & macro economics
10 related features of micro economics?
10 examples of micro economics
What are the basic division in economics?
micro economics and macro economics
Macro economics and micro economics?
macro is a root for large, while micro is, of course, small
Give the 2 division of economics?
Micro economics and macro economics
How does macro economics differ from micro economics?
Macro economic is differ from micro economic because macro economic study as a whole economics but micro economic study only of an individual.
What are the scopes of macro economics?
same as of micro economics
What are two divisions of economics?
Macro-economics and micro-economics are these two divisions.
What is micro influence?
Micro influence in economics, micro economics actually, is a term which stands for influence or affect on the market sector which causes problems/benefits.
