Microeconomic Theory Quiz
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Questions and Answers

What is the primary purpose of a firm in microeconomics?

  • To maximize happiness through utility functions
  • To receive wages and income
  • To turn inputs into outputs through production (correct)
  • To understand consumer behavior

    • What is the goal of a consumer in microeconomic theory?

  • Receive wages as income
  • Maximize happiness through a utility function (correct)
  • Turn inputs into outputs
  • Understand firm behavior

    • What is denoted as the utility function for a consumer in microeconomic theory?

  • Income received
  • Mathematical representation of happiness (correct)
  • Consumer behavior
  • Budget allocation

    • What is heavily important in the construct of microeconomic theory?

    <p>Theory of the firm</p> Signup and view all the answers

    What do we call the process by which a firm turns inputs into outputs?

    <p>Production</p> Signup and view all the answers

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