Microeconomics Is Concerned With

question 42

Multiple Choice

Microeconomics is concerned with:

• A) the aggregate or total levels of income,employment,and output.
• B) a detailed examination of specific economic units that make up the economic system.
• C) positive economics,but not normative economics.
• D) the establishing of an overall view of the operation of the economic system.

---

Definitions:

Consumer Surplus

Consumer surplus is the difference between the maximum price consumers are willing to pay for a product or service and the actual price they pay.

Producer Surplus

Producer Surplus is the difference between what producers are willing to accept for a good or service versus what they actually receive, often depicted as the area above the supply curve and below the market price.

Costume Jewelry

Jewelry made from non-precious materials, designed to emulate more valuable pieces.

Acceptable Price

The price at which a consumer is willing to purchase a product or service, often considered fair by both the buyer and the seller.