Individual decision making by consumers and producers is the focus of
A) macroeconomics.
B) microeconomics.
C) aggregate measures.
D) any economic model.
Question 2
The price of a new car is 40,000 while the price of a five-year old car of the same brand is 16,000. The next year the price of the new car increases to 44,000 and the price of a five-year old car of the same brand is 17,600.
The relative price of the used car A) decreased by 2,400.
B) decreased by 10 percent.
C) increased by 10 percent.
D) remained constant at 0.4.
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