The study of how an individual consumer or an individual producer takes economic decisions in a market falls under which branch of economics?
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Microeconomics
Microeconomics studies the behaviour of individual economic agents, such as a consumer or a firm, in markets for particular goods. Macroeconomics studies the economy as a whole, through totals such as national income and the general price level.