Which of the following examples describes microeconomics? A. The Yukon territory of Canada has extreme cold weather. B. The Federal Reserve is incréasing interest rates. C. People prefer buying iPhones over Nokia phones. D. Germany is a country in Western Europe.

Question

Which of the following examples describes microeconomics? A. The Yukon territory of Canada has extreme cold weather. B. The Federal Reserve is incréasing interest rates. C. People prefer buying iPhones over Nokia phones. D. Germany is a country in Western Europe.

Answer 1

C. People prefer buying iPhones over Nokia phones.Microeconomics focuses on the behavior of individuals and firms in making decisions regarding the allocation of limited resources. In this example, the preference for buying iPhones over Nokia phones reflects individual consumer behavior and choice, which is a key topic in microeconomics.

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Which of the following examples describes microeconomics? A. The Yukon territory of Canada has extreme cold weather. B. The Federal Reserve is incréasing interest rates. C. People prefer buying iPhones over Nokia phones. D. Germany is a country in Western Europe.

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