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Which of the following is a microeconomic question? a
Which of the following is a microeconomic question?
a. What are the total production levels in the economy?
b. How can we best encourage economic growth?
c. What is the overall price level in the economy?
d. What are the variables that determine the price of a specific good?
e. How can we reduce the unemployment rate among Hispanic men?
Expert Solution
- The correct option is d. What are the variables that determine the price of a specific good?
Microeconomics studies the narrow concepts of an economy as it explains an individual's behavior or a specific market. Microeconomics may include, demand and supply of an individual or a specific market, raw material of a firm, and so on. On the other hand, macroeconomics studies broader concepts such as employment rate, economic growth, the price level of a whole economy, and so on. Here, the only microeconomic question is the price of a specific good.
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