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Microeconomics Quiz

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Questions and Answers

What does microeconomics primarily analyze?

Macroeconomic policies

Public policies and their impact

Individual agents and markets (correct)

Economic growth and inflation

What is the focus of macroeconomics?

The economy as a system and its interactions (correct)

Rational and behavioral economics

Individual agents and markets

Economic theory and applied economics

What does normative economics advocate?

"What is"

Economic theory

Rational economics

"What ought to be" (correct)

What are the broad distinctions within economics?

Positive economics and normative economics Signup and view all the answers

What does behavioral economics focus on?

Understanding the psychological factors influencing economic decisions Signup and view all the answers

In perfect competition, what does a factor's price equal?

The factor's marginal revenue product Signup and view all the answers

What is the condition for allocative efficiency in perfect competition?

Output occurs where marginal cost equals average revenue Signup and view all the answers

What is the equilibrium condition in a perfect market?

Quantity supplied equals quantity demanded at the current price Signup and view all the answers

What is the result of perfect competition for a profit-maximizing producer?

It faces a market price equal to its marginal cost Signup and view all the answers

What kind of efficiency does perfect competition provide?

Both allocative efficiency and productive efficiency Signup and view all the answers