What is microeconomics the study of?
A) marginal or inferior products
B) the economic behaviour of individual decision makers
C) the behaviour of the economy as a whole
D) how to use the fewest natural resources to produce goods and services

Question

What is microeconomics the study of?  
A) marginal or inferior products 
B) the economic behaviour of individual decision makers 
C) the behaviour of the economy as a whole 
D) how to use the fewest natural resources to produce goods and services

Quizplus · Accepted Answer

Microeconomics is the study of individual economic behavior, such as consumer behavior, producer behavior, and market behavior of individual goods and services. It focuses on how individual decision makers allocate resources to meet their unlimited wants and needs. Choice A is incorrect because it mentions marginal or inferior products, which isn't the primary focus of microeconomics. Choice C is incorrect because the study of the behavior of the economy as a whole is macroeconomics. Choice D is incorrect because microeconomics doesn't solely focus on using few natural resources, but rather on how to allocate all resources effectively.

What Is Microeconomics the Study Of