What Does Microeconomics Study

question 15

Multiple Choice

What does microeconomics study?

• A) the behaviour of consumers
• B) how individual households and firms make decisions
• C) how government affects the economy
• D) how the economy as a whole works

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Definitions:

Macro-level Units

Large-scale social structures and processes that influence societies as a whole, including economies, political systems, and cultural norms.

Culture

The shared values, customs, and social behavior of a particular people or society.

Bureaucracy Characteristics

Features typically associated with bureaucratic organizations, such as a hierarchical structure, formal rules and procedures, impersonality, and a division of labor.

Organizational Ownership

Pertains to the rights and responsibilities of possessing an organization, including control over its operations and entitlement to its profits or losses.