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Studying the determination of prices in individual markets is primarily a concern of: A
Studying the determination of prices in individual markets is primarily a concern of:
A. negative economics.
B. positive economics.
C. macroeconomics.
D. microeconomics.
Expert Solution
- Studying the determination of prices in individual markets is primarily a concern of D. microeconomics.
The definition of microeconomics itself tells us that microeconomics is concerned basically about the study of individual markets, not aggregate markets like macroeconomics.
Normative and positive economics are concepts not directly related to the analysis of markets. Indeed, positive economics, on the one hand, tries to answer the following research question: how is economics?
On the other hand, normative economics is concerned about how economics should be, not what it actually.
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