Microeconomics is the study of
A. federal budget details.
B. aggregate measures of the economy.
C. individual decision making.
D. economic issues for an entire region.
Answer: C
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Suppose that, when producing 10 units of output, a firm's AVC is $22, its AFC is $5, and its MC is $30. This firm's
A. ATC is $35.
B. ATC is $57.
C. total cost is $270.
D. total cost is $30.
Since it is always a negative number, economists use the convention of taking the absolute value of:
A. the elasticity of total revenue. B. the price elasticity of surpluses. C. the price elasticity of shortages. D. price elasticity of demand.
The decision about what goods and services will be produced in a market economy is made by
A) lawmakers in the government voting on what will be produced. B) workers deciding to produce only what the boss says must be produced. C) producers deciding what society wants most. D) consumers and firms choosing which goods and services to buy or produce. E) consumers dictating to firms what they need most.
When an asset enables people to transfer purchasing power into the future it serves the function of a ________
A) store of value B) unit of account C) means of deferred payment D) medium of exchange