Microeconomic Theory Introduction
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Questions and Answers

What is the main focus of microeconomic theory?

  • Positive economics
  • The problem of scarcity (correct)
  • Comparative statics and dynamics
  • Normative economics

    • Which concept deals with the interaction of individual demand and supply in a market?

  • Partial equilibrium analysis (correct)
  • Law of supply
  • General equilibrium analysis
  • Law of demand

    • What does the law of demand state?

  • As the price decreases, the quantity demanded increases
  • As the price increases, the quantity supplied increases
  • As the price increases, the quantity demanded decreases (correct)
  • As the price decreases, the quantity supplied decreases

    • Which type of economics focuses on describing what is or what will be?

    <p>Positive economics</p> Signup and view all the answers

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