Which of the following would likely be considered as falling into the domain of microeconomics?
A) the U.S. unemployment rate
B) the Gross Domestic Product
C) the price of apples
D) the effects of fiscal policy on the U.S. economy

Question

Quizplus · Accepted Answer

Microeconomics is concerned with the individual behavior of consumers and firms in the market, and the impact of individual decisions on prices and quantities in the market. Therefore, the price of apples, which is specific to a particular good and is influenced by supply and demand factors, falls under the domain of microeconomics. The other choices involve analysis of the macroeconomy as a whole, and are therefore more closely related to macroeconomics.

Which of the Following Would Likely Be Considered as Falling