Write down demand and supply equations for wireless phones; include two exogenous
variables in each equation.
Draw a supply‐demand graph
for wireless phones.
Use your graph to show how a change in one
of your exogenous variables affects the
model’s endogenous variables.

The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.