Microeconomics - The branch of economics that studies the economy of consumers or households or individual firms.Question 3AnswerTrueFalse

The statement is true. Microeconomics is indeed the branch of economics that focuses on individual consumers, households, and firms. It examines their behavior in decision-making and the allocation of resources. Microeconomic analysis includes studying how consumers respond to changes in prices, how businesses determine the quantity of goods to produce, and how they set prices based on market conditions. Furthermore, it addresses concepts such as supply and demand, elasticity, market structures, and the role of government in regulating industries. Understanding microeconomics is essential for analyzing how these entities make choices and how their interactions shape the overall economy. Therefore, the answer to the question is:

Final Answer

True