Which of the Following Would Not Be Studied in Microeconomics

question 44

Multiple Choice

Which of the following would not be studied in microeconomics?

• A)How individual firms decide how much to produce.
• B)Whether to study or watch TV tonight.
• C)How an early freeze in California will affect the price of fruit.
• D)Whether the federal budget should be balanceD.The federal budget is a topic related to the performance of the national economy, and therefore is a macroeconomic topic.The other issues relate to individual choices and individual markets, and so are microeconomic topics.

Identify and explain the concept of estoppel and its application in legal disputes.

Recognize the significance of past consideration and its impact on contract enforceability.

Evaluate the role of quantum meruit in compensation for services rendered without a formal contract.

Understand the legal implications of accepting partial debt payments and the principle of accord and satisfaction.

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Definitions:

Equilibrium

A state of balance or stability within a system, achieved through the equal action of opposing forces.

Drive Satisfaction

The fulfillment or quenching of a biological or psychological need that drives behavior.

Arousal

A physiological and psychological state of being awake or reactive to stimuli, often involving the activation of the sympathetic nervous system.

Habit

A regular behavior or routine that is performed regularly and, often, unconsciously.