The problem of scarcity means that people face trade-offs. Which of the following trade-offs are the concern of microeconomics?

A) Trade-offs faced by consumers in the purchase of goods
B) Trade-offs faced by workers between work and leisure
C) Trade-offs faced by firms in what goods to produce
D) all of the above

Problem Of Scarcity

The fundamental economic problem of having seemingly limitless human wants in a world with limited resources, leading to the necessity of making choices.

Microeconomics

A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources.

Trade-Offs

The balance achieved between two desirable but incompatible features; a compromise or the act of giving up one benefit to gain another.