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Microeconomics Basics

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Questions and Answers

What is the study of individual economic units such as households, firms, and markets?

Econometrics
Macroeconomics
Microeconomics (correct)
Development Economics

What type of market structure is characterized by a single buyer or seller?

Oligopoly
Monopsony (correct)
Perfect Competition
Monopoly

What is the term for the additional cost of producing one more unit of a good or service?

Opportunity Cost
Fixed Cost
Sunk Cost
Marginal Cost (correct)

What is the term for a market structure in which a single firm supplies the entire market with a particular good or service?

<p>Monopoly (D)</p> Signup and view all the answers

What is the term for the goods or services that satisfy wants and needs?

<p>Economic Goods (D)</p> Signup and view all the answers

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.