Microeconomics Questions and Answers (Q&A)

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Option C - microeconomics is about the study if economy at micro level.
It focuses on issues that affect individuals and groups. It studies economics at individual, group and companies level. It studies behaviour concerning distribution of scarce resources.

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A buyer would be willing to pay is measured in the maximum’s amount he is willing to pay for a good. Usually, products tend to be more expensive if high-quality materials were used just to make that product. It is not hard to see if a shirt that has a higher price is made of cotton or...Read More

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ALL OF THE ABOVE In monopolistic competition closely substitute goods are produced which are slightly differentiatedbut let us note thata homogeneous productis one that cannot be distinguished from competingproductsfrom different suppliers.also said a homogenous product is one that is sli...Read More

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Are we supposed to ignore the sign of the elasticity of demand when answering the question?

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I object to this unfair and immoral question. It goes against my beliefs.

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Input costs can include materials, labor, fees, and other expenses. Output is the finished product. MC stands for marginal costs. If a company is spending more on their input costs, such as salaries or new machinery, there will be a decrease in the output profits. Marginal cost, that is t...Read More

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Get ready, because capitalism is a fireball and hard to anticipate. The correct answer is most likely answer B: equilibrium quantity will decrease, but equilibrium price may increase, decrease, or stay the same. This is because there’s a lot that the question doesn’t take into...Read More

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Price discrimination is when a producer will charge a different price for a different market. One good, modern example is clothing. Men’s clothing is typically around the same price for the same size, no matter the brand (unless you want specially made items or specialty items)....Read More

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