Question

Which of the following refers to the study of the economic behavior of individual decision-making units, such as individual consumers, resource owners, and business firms, in a free-enterprise system?

A. Managerial economics
B. Macroeconomics
C. Microeconomics
D. Econometrics

Answer 1

C. Microeconomics

Step-by-step explanation:

• Being a part of the economics that studies the behavioral patterns in the individual in decision making of the organization and regarding the allocation of resources and their interaction amongst the resources.

• Focuses more on the elasticity of demand and shows how responsive an economic variable is likely to bring a charge on the economic variable.