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Author Question: Is inflation a macroeconomic or a microeconomic question? Why? What will be an ideal ... (Read 132 times)

penguins

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on: Jun 29, 2018
Is inflation a macroeconomic or a microeconomic question? Why?
 
  What will be an ideal response?

Question 2

The fact that when the price of a good goes up, people buy less of it is known as the
 
  A) law of supply.
  B) law of demand.
  C) concept of market equilibrium.
  D) need for inferior goods.


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macybarnes

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Inflation is a macroeconomic question because it deals with an economy-wide phenomenon. The price increase of a specific product, such as gasoline, would be a microeconomic matter. Since inflation deals with prices in the economy as a whole, it is a macroeconomic concern.

Answer to Question 2

B


penguins

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

kishoreddi

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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