Identify the incorrect statement from the following.

The correct answer is Option (4) → In macroeconomics, we try to figure out how prices and quantities of goods and services are determined through the interaction of individuals in these markets.

• This statement actually describes microeconomics, not macroeconomics.

• Microeconomics studies the behavior of individual economic agents — consumers, firms, and industries — and examines how prices and quantities of particular goods and services are determined through their interaction in specific markets.

• Macroeconomics, on the other hand, looks at the economy as a whole — studying aggregate output, national income, employment, and the general price level.