Microeconomics is the study of
A. the behavior of the economy as a whole.
B. the effect that money has in the economic system.
C. how individuals and firms make decisions.
D. a nation from the perspective of the whole world.
Answer: C
You might also like to view...
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. The equilibrium outcome of this game will be for Angus to ________ and for Dudley to ________
A) play the bagpipes; do nothing B) play the bagpipes; call the police C) mop floors; do nothing D) Both B and C are correct.
Which of following would most likely cause a firm to shut down?
a. the ATC curve moves further above P
b. the MC curve moves below P
c. the AVC curve moves above P
d. the ATC curve moves below P
The way that economists explain it, the worker is a ________ in the________ market.
A. buyer; job B. seller; labor C. buyer; labor D. seller; job
The more time that elapses, the
A. more price elastic is the demand for the product. B. greater the income elasticity of demand for a product. C. smaller the income elasticity of demand for the product. D. less price elastic is the demand for the product.