Read the following statements carefully.
1. Determination of total output of economy.
2. Determination of prices of a commodity in perfect competition.
3. Whether resources of economy are fully utilized?
4. Reasons of increase in aggregate price level.
Which of the above statements are covered under microeconomics?

2 only

The statements covered under microeconomics is Option 4 : 2 only

Determination of prices of a commodity in perfect competition. This statement pertains to microeconomics as it involves analyzing the interaction of supply and demand in a specific market structure (perfect competition) to determine equilibrium prices.

Microeconomics is a branch of economics that focuses on the behavior and decision-making of individuals, households, and firms concerning the allocation of scarce resources. It examines how these economic agents interact in markets to determine the prices of goods and services and how these prices, in turn, influence the allocation of resources. Overall, microeconomics provides insights into the functioning of individual markets and the behavior of economic agents within those markets, forming the foundation for understanding broader economic phenomena at the microeconomic level.

Macroeconomics, on the other hand, is the study of the behaviour of a national economy as a whole. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices, etc.

The following statements are covered under macroeconomics:

1. Determination of total output of economy (Gross Domestic Product or GDP)

3. Whether resources of economy are fully utilized? (Unemployment rate)

4. Reasons of increase in aggregate price level (Inflation)

Statement 2, "Determination of prices of a commodity in perfect competition," is more relevant to microeconomics. Microeconomics deals with individual markets and how prices are determined based on factors like supply and demand within that specific market.