Distinguish between the following concepts: I. Microeconomics and macroeconomics II. II. Scarcity and choice III. Opportunity cost and scale of preference. b. With the aid diagrams show the differences between the following: I. Increase in demand and increase in quantity demand  II. Decrease in supply and decrease in quantity supplied III. Price ceiling and price floor

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter1: The Role And Method Of Economics
Section: Chapter Questions
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Distinguish between the following concepts:
I. Microeconomics and macroeconomics
II. II. Scarcity and choice
III. Opportunity cost and scale of preference.
b. With the aid diagrams show the differences between the following:
I. Increase in demand and increase in quantity demand
 II. Decrease in supply and decrease in quantity supplied
III. Price ceiling and price floor

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