Q.4 State with reasons whether you ‘agree’ or ‘disagree’ with the following statements: (Any two) [8] 1) Macro Economics deals with the study of Individual behaviour. 2) Sellers and buyers are the price takers in perfect competition 3) Index Numbers can be constructed without the base year.
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Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the ...