Microeconomics:
A) is the basis for the "after this,therefore because of this" fallacy.
B) is not concerned with details,but only with the overall big picture of the economy.
C) is concerned with individual economic units and specific markets.
D) describes the aggregate flows of output and income.

Question

Quizplus · Accepted Answer

Microeconomics deals with individual economic units and specific markets like demand and supply, consumer behavior, production theory, market structure, and pricing policies. It is concerned with analyzing and understanding the behavior of small economic agents like individuals, households, or firms, rather than the entire economy as a whole.