Which of the following is a microeconomics question?
A) What determines the average price level and inflation?
B) How much will be saved and how much will be produced in the entire economy?
C) What will the level of economic growth be in the entire economy?
D) What factors determine the price of carrots?
D
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Perfect competition is defined as market structure in which:
a. it is very easy for firms to enter or exit the market. b. the product is homogeneous. c. All of the answers are correct. d. there are many small sellers.
Answer the following statements true (T) or false (F)
1. An increase in consumer incomes will cause a decrease in the demand for an inferior good. 2. Two goods are considered to be related goods by many buyers: if the price of one increases, buyers buy more of the other. This indicates that the two goods are complements. 3. If two goods are substitutes, a decline in the price of one will cause a decrease in the demand for the other. 4. The law of supply states that, ceteris paribus, if the price of loans (known as "interest rate") rises then the quantity supplied of loans will decrease.