4 Questions
What is the main focus of microeconomic theory?
The problem of scarcity
Which concept deals with the interaction of individual demand and supply in a market?
Partial equilibrium analysis
What does the law of demand state?
As the price increases, the quantity demanded decreases
Which type of economics focuses on describing what is or what will be?
Positive economics
Test your understanding of microeconomic theory with this quiz covering the purpose of theory, the problem of scarcity, market functions, equilibriums, comparative statics and dynamics, and more.
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