Answer:
The answer is C.
Explanation:
Macroeconomics is the study of the economy as a whole, unlike microeconomics which is the study of the individual firms/markets.
Macroeconomics focuses on the standard of living, unemployment rate, inflation rate etc. and how this affects the whole economy.
Option A is wrong because it is the microeconomics and not macroeconomics that studies the market and the firm.
Option B and D are wrong because these are for microeconomics
Answer:
B) The demand for good A is elastic.
Explanation:
Both Timothy and Jake believe that the demand is elastic, Timothy believes the PED = 1.75, while Jake believes the PED = 1.46. The difference is that Timothy believes the demand is more elastic.
Option A is not correct because Timothy believes total revenue will fall while Jake believes it will increase.
Option C is not correct because both believe that their market share will decrease.
Option D is not correct because both Timothy and Jake are arguing about higher prices, not lower prices.
Option E is not correct because an increase inn the price of a good does not shift the demand curve, it moves the equilibrium point within the given demand and supply curves.
Answer:
The price of foreign oil was raised by OPEC.
Explanation:
By the end of 1960s the foundation of OPEC (Oil producers and exporter countries) defined the collusion of some oil producer countries to increase their power over the oil market. With the political crisis in the Arab world, the OPEC to advantage of shortage in oil world supply and increase the price of oil. Being the US a net importer of oil, the increment in oil prices turned into a trade deficit in a short time.