The correct answer is D. All of the above.
Microeconomics is the study of the behavior of individual economic units, such as households and firms, and their interactions in markets. It is concerned with the allocation of scarce resources among alternative uses, and with the determination of prices and quantities of goods and services.
Microeconomics is important because it helps us understand how the economy works. It can be used to analyze a wide range of economic issues, such as the effects of government policies, the causes of inflation, and the behavior of firms in competitive markets.
Microeconomics is also important because it can be used to make decisions about how to allocate our own resources. For example, we can use microeconomic principles to decide how much to save, how much to spend on goods and services, and how to invest our money.
Here is a brief explanation of each option:
- Option A: Allocation of resources of the economy as between production of different goods and services. Microeconomics is concerned with the allocation of scarce resources among alternative uses. This means that it is concerned with how we decide what to produce and how much to produce of each good and service.
- Option B: Determination of prices of goods and services. Microeconomics is also concerned with the determination of prices of goods and services. This means that it is concerned with how the prices of goods and services are determined in a market economy.
- Option C: Behavior of industrial decision makers. Microeconomics is also concerned with the behavior of industrial decision makers. This means that it is concerned with how firms make decisions about what to produce, how much to produce, and how to price their products.
I hope this helps!