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Correct
Solution:
The correct answer is (D) Both (B) and (C).
Microeconomics is the study of individual economic units such as households, firms, and industries, and their interactions in markets.
Option (B) is correct because microeconomics involves a microscopic study of the economy by focusing on the behavior of individual economic units, such as firms and consumers, and their interactions in specific markets.
Option (C) is also correct because microeconomics deals with the allocation of scarce resources among competing uses, and the distribution of total output among industries and firms. It is concerned with the study of market structures, pricing policies, and the behavior of individual economic agents, such as producers and consumers.
Option (A) is incorrect because macroeconomics, not microeconomics, studies the economy in its totality by analyzing aggregate economic phenomena such as inflation, unemployment, and economic growth.
Option (D) is the correct answer because both options (B) and (C) correctly describe the scope and focus of microeconomics.
Correct option is (d)