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Questions and Answers
What is the main focus of microeconomic theory?
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?
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?
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?
Which type of economics focuses on describing what is or what will be?
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