Microeconomics approaches the study of economics from the viewpoint of:
A. inflation, unemployment, and economic growth.
B. the federal government.
C. individual economic units, such as consumers, firms, and units of government.
D. the economy as a whole.
Answer: C
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Monopolies and oligopolies both erect barriers to entry through the use of
A) price cutting. B) patents. C) franchising. D) advertising.
Among the following countries, which one has the highest level of real GDP per person but the lowest growth rate of real GDP per person over a very long period of time?
a. the United Kingdom b. Mexico c. Argentina d. China
Refer to the accompanying figure, which shows the market for cups of coffee. What might cause a shift from the original demand curve to the new demand curve?
A. An increase in the price of coffee creamer. B. An expectation that coffee prices will fall in the future. C. An increase in consumers' tastes for coffee. D. A decrease in the price of tea.
Which of the following forces does not play a major part in the adjustments of a monopolistically competitive industry toward its long-run equilibrium?
A. profits/losses making firms enter or exit the industry B. firms expanding or shrinking their productive capacity C. introduction of new products and patents D. shifts in the demand curves of individual firms as the industry expands or contracts