Provide 3 microeconomic issues that society/businesses face with fossil fuel/oil.
As mentioned in my answer to the question you asked yesterday, microeconomics is the study of the lower levels of the economy. Microeconomics studies the economic behavior of individual households, individual firms, or even whole sectors of the economy. It studies everything except the functioning of the entire economy of a given region or country. Because microeconomics could involve the study of every company involved in the extraction, refining, and selling of oil, there are innumerable microeconomic questions that we could ask. Let us look at three of the more important questions.
First, we can ask what would happen to the number of miles driven by Americans if the price of oil...
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