Principles of Macroeconomics 2e
Principles of Macroeconomics 2e
2nd Edition
ISBN: 9781947172388
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 1, Problem 24CTQ

Macroeconomics is an aggregate of what happens at the Microeconomics level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level? Hint: Think about the behavior of crowds.

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What is the difference between microeconomics and macroeconomics? What is comparative advantage? What determines the level of prices in a market?
Suppose Botswana and South Africa are two of the leading African manufacturers of smartphones and laptops. While the market for laptops in both countries is competitive, the smartphone market is dominated by two firms namely Nokia (Botswana) and Samsung (South Africa). Assuming the two countries establish a free trade agreement. Using a diagram, explain what will happen to production and consumption in either Botswana or South Africa as a result of an increase in market competition.
Please answer in detail. In relation to microeconomics

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Principles of Macroeconomics 2e

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