Microeconomics is the study of: a

Economics Dec 13, 2020

Microeconomics is the study of:

a. marginal or inferior products

b. the economic behavior of individual decision makers

c. the behavior of the economy as a whole

d. how to use the fewest natural resources to produce goods and services

Expert Solution

The answer is b.

Microeconomics, as the name suggests, studies the decision making of basic building blocks of any economy: individuals and firms. For individuals, microeconomics analyzes the optimal decisions such as utility maximization. For firms, microeconomics studies the optimization problems such as cost minimization and profit maximization.

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