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What is understanding to microeconomics

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Reference no: EM133017056

True or False

-The price of a new product does not influence the quantity demanded.

-The higher the wage, the greater the quantity of labor services demanded by the employers.

-There is no price for the use of credit.

-The demand for loanable funds depends upon the ability and willingness of consumers, business firm and government to borrow funds.

-Non-price rationing devices distribute available goods and services on a basis other than willingness to pay.

-There is nowhere for sellers to sell goods to buyers for more than the legal price.

-Governments do not enforce minimum wage laws to penalize employers who pay less than the stipulated wage.

-Non Scarce or free goods are always available even at zero price.

-Wages have nothing to do with the amount of labor demanded and supplied over a given period.

-Employers substitute other inputs like machines for labor services as wages go up, while they substitute labor services for other inputs when wages are low.

Essay

*What is your understanding to Microeconomics and give an example?

*What attract workers who are seeking the reward of high salary?

*In your own opinion why do we study microeconomics?

*Difference between Microeconomics and Macroeconomics

Reference no: EM133017056

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