Which of the following statements regarding microeconomics is NOT correct?
I. The behaviour of aggregate measures of the performance of the economy is studied.
II. Different types of markets are studied

Correct option is B

The correct answer is (b) Only I.
In microeconomics, the focus is on individual economic units such as households, firms, and specific markets rather than the aggregate economy. Statement I, which mentions studying the "behaviour of aggregate measures of the performance of the economy," is incorrect as this is the domain of macroeconomics. Microeconomics, however, does analyze different types of markets (Statement II), such as perfect competition, monopoly, oligopoly, and monopolistic competition, making Statement II correct.
Information Booster:
● Microeconomics deals with the decisions and behaviors of individuals, households, and firms.

● It includes the study of supply and demand, pricing mechanisms, and the allocation of resources within particular markets.

● Microeconomics examines specific markets and market structures, such as perfect competition, monopoly, oligopoly, and monopolistic competition.

● The objective of microeconomics is to understand how individuals and businesses make economic decisions and how these decisions affect prices, production, and consumption.

● Macroeconomics, in contrast, focuses on aggregate measures, such as national income, inflation, and unemployment, studying the overall performance of the economy.

● Microeconomic analysis provides insights into resource allocation, efficiency, and welfare within individual markets.