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Questions and Answers
What is the study of individual economic units such as households, firms, and markets?
What is the study of individual economic units such as households, firms, and markets?
What type of market structure is characterized by a single buyer or seller?
What type of market structure is characterized by a single buyer or seller?
What is the term for the additional cost of producing one more unit of a good or service?
What is the term for the additional cost of producing one more unit of a good or service?
What is the term for a market structure in which a single firm supplies the entire market with a particular good or service?
What is the term for a market structure in which a single firm supplies the entire market with a particular good or service?
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What is the term for the goods or services that satisfy wants and needs?
What is the term for the goods or services that satisfy wants and needs?
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Study Notes
Microeconomics
- Microeconomics is the study of individual economic units such as households, firms, and markets.
Market Structure
- Monopsony is a type of market structure characterized by a single buyer or seller.
- Monopoly is a type of market structure in which a single firm supplies the entire market with a particular good or service.
Cost Concepts
- Marginal cost is the additional cost of producing one more unit of a good or service.
Goods and Services
- Goods and services are the commodities that satisfy wants and needs.
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Description
Test your understanding of microeconomics concepts, including market structures, costs, and goods and services.
