Question

The basic difference between macroeconomics and microeconomics is:

• A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade.
• B. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms.
• C. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
• D. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.

Answer 1

The correct option is C microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.

Microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.