Microeconomics is best described as the study of

A) the choices made by individual households, firms, and governments.
B) inflation, unemployment, gross national product, and the nation's economy as a whole.
C) how markets interact in the aggregate economy.
D) marginal changes in the economy.

Microeconomics

The branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.

Individual Households

Single units comprising one or more persons within an economy that make decisions about consumption, saving, and labor supply.

Inflation

The speed at which the overall price level for products and services increases, diminishing the buying power.