________ is the study of how individuals,households,governments,and firms make choices and how those choices affect prices,the allocation of resources,and the well-being of other agents.
A) Cost-benefit analysis
B) Microeconomics
C) Macroeconomics
D) Empiricism

Question

Quizplus · Accepted Answer

This is the definition of microeconomics, which focuses on individual decision-making and market behavior of specific goods and services. Cost-benefit analysis is a tool used in economics, but it is not a field of study in itself. Macroeconomics looks at the economy as a whole, including inflation, GDP, and unemployment. Empiricism is a method of gaining knowledge through observation and experimentation, but not a specific field of economics.

________ Is the Study of How Individuals,households,governments,and Firms Make Choices