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.

Question

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.

Quizplus · Accepted Answer

The magnitude of national income is a topic that falls under macroeconomics, not microeconomics. Microeconomics focuses on individual businesses, households, and markets, whereas macroeconomics studies the economy as a whole. The other options listed all fit within the realm of microeconomics.

Microeconomic Topics Do Not Usually Include