of 1 219 SOPHIA Microeconomics Sophia Learning - Microeconomics - Unit 1, Challenge 1 What is Economics? Which of the following statements describes macroeconomics? c.) It looks at the overall ups and downs of the economy. d.) individuals and Þrms Macroeconomics studies the behavior of __________. d.) an economy in its entirety
of 2 219 Decision Making Relationships: Rational Consumer Which of the following best describes a rational consumer? d.) Wants to make choices that maximize utility Microeconomics focuses mainly on the study of decisions made by __________. Which of the following is a characteristic of a rational consumer? a.)
of 3 219 Rational consumers analyze costs and beneÞts when making decisions. Ben was offered a full-time position working on his uncle's construction crew and would be paid $20 per hour. Instead, Ben chose to take classes at the local college so he could Þnish his degree. In economic terms, this loss of potential income is known as a(n) __________. d.) opportunity cost
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