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Microeconomics differs from macroeconomics in that: a
Microeconomics differs from macroeconomics in that:
a. the former focuses on group behavior whereas the latter focuses on individual behavior.
b. the former focuses on individual behavior whereas the latter focuses on group behavior.
c. microeconomics focuses on the entire economy.
d. macroeconomics focuses on a specific industry.
e. there is no difference between the two subfields of economics.
Expert Solution
The answer is b. the former focuses on individual behavior whereas the latter focuses on group behavior .
Microeconomics and macroeconomics are two sub-fields of economics.
Microeconomics focuses on the decision making of individuals, such as the profit-maximizing pricing decisions of individual firms.
Macroeconomics studies the economy as a whole. Common topics include GDP, economic growth, price levels, employment rates, etc.
This shows that the correct answer is option b.
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