What Are Disadvantages to the Microgenetic Approach

question 23

Short Answer

What are disadvantages to the microgenetic approach?

---

Definitions:

Market Equilibrium

A state where market supply meets market demand, leading to stable prices and quantities.

Producer Surplus

The variance between what producers are prepared to sell a product or service for and the actual revenue they achieve.

Equilibrium Price

The price in the market where the amount of goods being offered meets the amount of goods consumers want.

Unregulated Market

A market operating without governmental rules or oversight wherein the forces of supply and demand are unimpeded by outside control.