Distinguish between macroeconomics and microeconomics

What will be an ideal response?

Macroeconomics is concerned with the behavior of the economy as a whole, while microeconomics is concerned with the choices of individual decision-makers, such as households and firms. Macroeconomics deals with aggregates, such as the total output of the economy or unemployment, while microeconomics deals with how many hours a person chooses to work or how many people a firm decides to hire.

Economics

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A product's price elasticity of demand depends critically on the availability of substitutes

Indicate whether the statement is true or false

Economics

The aggregate supply curve is depicted as vertical in the simple quantity theory of money

Indicate whether the statement is true or false

Economics