Microeconomics
A) addresses scarcity from a global perspective
B) examines how individuals,households,and firms make economic decisions
C) is purely theoretical and has little value in explaining real-world phenomena
D) focuses on what is happening in the economy as a whole
E) answers the fundamental economic questions of how,when,where,and why

Question

Quizplus · Accepted Answer

Microeconomics focuses on the behavior and decision-making of individuals, households, and firms in relation to the scarcity of resources. It does not address the economy as a whole or answer the fundamental economic questions. Microeconomics is also not purely theoretical and has practical applications in explaining real-world phenomena.