What is the difference between output from a microeconomic standpoint versus output from a macroeconomic standpoint?
A)In microeconomics, output refers to production by businesses, whereas in macroeconomics, output refers to production by government agencies.
B)In microeconomics, output refers to production by domestic businesses, whereas in macroeconomics, output refers to production by foreign-owned businesses.
C)In microeconomics, output refers to your monthly output, whereas in macroeconomics, output refers to your annual output.
D)In microeconomics, output refers to what your individual business produces, whereas in macroeconomics, output refers to the output produced by all the businesses in the economy.

Question

Quizplus · Accepted Answer

In microeconomics, output typically refers to the production of an individual business or firm, while in macroeconomics, output refers to the total production of all businesses and industries within a country or region. This output is typically measured in terms of gross domestic product (GDP) or gross national product (GNP). Therefore, the correct option is D.

What Is the Difference Between Output from a Microeconomic Standpoint