The study of microeconomic theory focuses on the
A)Structure and performance of individual markets and the operation of the price system.
B)Operation of the entire economy.
C)Role of the banking system in the economy.
D)Interaction of international trade and domestic production of goods and services.

Question

Quizplus · Accepted Answer

Microeconomic theory focuses on the behavior of individual economic agents, such as consumers, firms, and markets. It analyzes how they interact with each other and how the decisions they make can affect market outcomes. It also examines the role of the price system in allocating resources and coordinating economic activity. The other choices (B, C, and D) are not within the scope of microeconomics.

The Study of Microeconomic Theory Focuses on the