Can you assist me with understanding how to respond to these questions
Global Microeconomics
Question 1. Does microeconomics apply to every country in the world_ why? or why not? Describe the specifics of any cases/examples you use and the implications of same on local citizens of that country.
Impact on China on Global Microeconomics
Question 2. The total economy of China will soon pass the United States; most analysts say this will occur in less than 10 years. From a microeconomics viewpoint, what does that mean for:
a) The law of demand
b) U.S. consumers
c) Our nation in total