Which question is an example of a microeconomic question?

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Question 1 Which question is an example of a microeconomic question? What should the federal government do to reduce the trad
4 pts Farmers selling some of their soybeans in storage because they anticipate a lower price of soybeans in the near future

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Answer

(1) The answer is (C)

We first of all must know that macroeconomics deal with
questions related to economy as a whole such as inflation,
unemployment, interest rate, taxes etc.

On the other hand microeconomics deal with questions
related to an individual or market. Such as supply and demand etc.
Out of all the above given statements, statement C is a
microeconomic question. As it is concerned about 2 producers at
personal level.

(2) The answer is (A)

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According to the law of demand there exist an inverse
relationship between prices and quantity demanded. Thus In
statement A it is clearly given that when the price of coke rise,
the quantum demanded for coke would fall.

(3) The answer is (A)

If farmers expect the price of soyabean to fall in the
near future, they would increase the current supply of soyabean
which would be signified by a rightward shift in the supply curve
of soyabean.

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(4) The answer is (D)

If the price of cell phone falls, this would cause a
leftward shift in the supply of cell phones due to the law of
supply.

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