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A microeconomist would most likely study a
A microeconomist would most likely study
a. how consumers respond to a change in gasoline prices.
b. the effects of an income tax reduction on the size of the national budget deficit.
c. the effects of aggregate consumer debt on overall consumption spending.
d. the relationship between the size of the money supply and the rate of inflation.
Expert Solution
The correct answer to the given question is option a. how consumers respond to a change in gasoline prices.
The microeconomics discipline addresses the economic aspects of an individual, a firm or a industry such as demand and supply of a good or service, the price elasticity of demand, the income level, the equilibrium price and the profit maximizing quantity.
The macroeconomics discipline addresses the economic aspects of an overall economy such as interest rate, money supply, national budget, national GDP, inflation rate, aggregate demand, aggregate supply, income taxes and government spending.
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