After using AirDrop to get a photo from iPhone to Macbook, the file format is HEIC and can I choose "one of" the sequences of photos? The HEIC format (and file extension such as IMG_1201.HEIC) is probably what the format is when the iPhone takes the photo that is "live" -- that a user can choose one frame out of the many frames for a duration of something like 0.5 seconds.

If viewed on iPhone I can choose one of the split second photo -- such as if somebody blinked the eye, I can choose another one that is 0.2 seconds later right on iPhone.  After "AirDrop" to Macbook Pro (using OS X Mojave), can the default Preview app let the user choose the 0.2 seconds one as on the iPhone?
No, you can't do that in Preview.

To make edits to a Live Photo, or to even view the 'live' part of the photo, you need to use a different application.  On the Mac, you can use Photos to view and edit live photos.