QAEconomics › Microeconomics is the study of the economic interactions between:
Q

Microeconomics is the study of the economic interactions between:

A. Producers and their suppliers.

B. Consumers and the government.

C. Consumers and producers.

D. Producers and the government.

A

Answer: C. Consumers and producers.

Microeconomics deals with the study of the decisions made by individuals and firms in the allocation of resources of production, consumption, and exchange. It is the economic interaction existing between producers and consumers. In other words, microeconomics deals with how the decisions of consumers will influence the production process. Unlike macroeconomics that studies the actions of the government, microeconomics is concerned with the activities of the private sector.

6 months ago
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