Questions and Answers
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 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?
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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.
