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What are the fundamental assumptions of microeconomics?
What are the fundamental assumptions of microeconomics?
Expert Solution
There are certain assumptions that suggest concepts and approaches of microeconomic theory. Such assumptions are;
1) Every single person acts logically or sensibly.
2) True information is readily accessible on production, demand, quality as well as other market factors.
3) Products and labor force-efforts are separable.
4) Full employment is still in the sector.
5) Private-party operation is exempt of government interference.
6) It is focused mostly on 'ceteris paribus' principle.
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