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Mastering Microeconomics

Created by

@ComplementarySard1711

Questions and Answers

Which branch of economics studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources?

Behavioral economics

Microeconomics (correct)

Macroeconomics

Development economics

What does microeconomics focus on studying?

Individual markets and industries (correct)

Government policies

Market failures

The national economy as a whole

What is one goal of microeconomics?

To analyze market mechanisms and resource allocation (correct)

To analyze the sum total of economic activity

To understand national policies

To study market failures

What does macroeconomics focus on studying?

<p>The sum total of economic activity</p> Signup and view all the answers

What does microeconomics analyze when markets fail to produce efficient results?

<p>Market failures</p> Signup and view all the answers

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