The difference between microeconomics and macroeconomics is that
a. microeconomics deals with only small numbers while macroeconomics is always dealing with numbers in the billions and trillions
b. microeconomics deals with the economy as a whole while macroeconomics deals with individual firms
c. microeconomics is concerned with the behavior of individual decision-makers while macroeconomics is concerned with behavior of entire economies
d. microeconomics is only useful for small countries while macroeconomics is useful for large countries
e. microeconomics is only useful for large economies like the United States while macroeconomics is only useful for small economies
C
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An economics professor, upset about the rising cost of textbooks, proposed that his department purchase 50 copies of a statistics book so the students in the statistics class would not have to purchase their own books but rather could borrow a book for the semester and then return it for the next class to use. Which of the following strategies would not prevent a common resource problem with the
textbooks? a. Students will be required to pay a deposit for the textbook, which is refundable at the end of the semester when the book is returned in good condition. b. The textbooks are placed in a common area of the department so students can borrow and return them as needed. c. Students must sign a form agreeing to return the book or pay a fine equal to the replacement cost of the book. d. The textbooks are placed in the professor's office and will only be given to students who are registered members of the class. These students will not receive their final course grades until the books are returned.
Bob Toshida has the demand schedule for dress shirts shown in the table below.
A) His total utility from three shirts would be _____.
B) His marginal utility from the fourth shirt would be _____.
C) If the price were $3, his consumer surplus would be _____.
Refer to the information provided in Figure 7.11 below to answer the question(s) that follow. 
Figure 7.11
Refer to Figure 7.11. If the firm's cost of capital is $15 per unit and its cost of labor is $30 per unit, the isocost line represents a total cost of
A. $2,000. B. $3,000. C. $6,000. D. $8,000.
An oligopoly firm with a differentiated product will generally earn the largest profits without advertising.
Answer the following statement true (T) or false (F)