Microeconomics Quiz

Microeconomics focuses on the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses.

Microeconomics analyzes market failure, where markets fail to produce efficient results.

<p>Macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment—and with national policies relating to these issues.</p> Signup and view all the answers

<p>Microeconomics focuses on individual markets, sectors, or industries, while macroeconomics focuses on the national economy as a whole.</p> Signup and view all the answers