The determination of prices in the market for automobiles is primarily a concern of:
A)positive economics.
B)normative economics.
C)microeconomics.
D)macroeconomics.

Question

The determination of prices in the market for automobiles is primarily a concern of:
A)​positive economics.
B)​normative economics.
C)​microeconomics.
D)​macroeconomics.

Quizplus · Accepted Answer

Microeconomics deals with the determination of prices in individual markets, such as the market for automobiles. Positive economics deals with describing the way things are, while normative economics deals with how things should be, and macroeconomics deals with the economy as a whole, such as measuring overall economic growth or inflation.

The Determination of Prices in the Market for Automobiles Is