Microeconomic Models Focus on the Behavior of

question 38

Multiple Choice

Microeconomic models focus on the behavior of

• A) all households,businesses,and government sectors at the same time
• B) the household sector as a whole
• C) individual households and business firms
• D) individual households,business firms,and government agencies
• E) the business and government sectors

Understand the production decisions based on marginal revenue product and product price.

Comprehend the adjustments firms make in hiring based on shifts in labor supply.

Recognize the relationship between input productivity and output.

Understand the concept of derived demand for inputs.