Microeconomic topics do not usually include:
A)how wages are determined in the labor market.
B)the magnitude of national income.
C)how firms choose output to maximize profits.
D)how consumers maximize utility subject to a budget constraint.
E)the monopolization of an industry by a single firm.

Question

Quizplus · Accepted Answer

The magnitude of national income is a macroeconomic topic, not a microeconomic one. Microeconomics focuses on the behavior and decisions of individual consumers, firms, and industries within a specific market, whereas macroeconomics deals with the broader issues of the economy as a whole, such as national income, inflation, and unemployment.

Microeconomic Topics Do Not Usually Include