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Chapter 1 QUESTIONS FOR REVIEW 1. Explain the difference between microeconomics and macroeconomics .how are these two fields related? Microeconomics is the study of how individual firms and households make decisions, and how they interact with one another. Microeconomic models of firms and households are based on principles of optimization—firms and households do the best they can given the constraints they face. For example, households choose which goods to purchase in order to maximize their utility, whereas firms decide how much to produce in order to maximize profits. In contrast, macroeco