3.1 - Definition
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Practice Questions
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Define microeconomics.
💡 Hint: Think about personal choices and small market interactions.
What is demand?
💡 Hint: It's more than just wanting; it's about being able to buy.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does microeconomics focus on?
💡 Hint: Think about the scale of study in microeconomics.
True or False: High prices lead to an increase in quantity demanded.
💡 Hint: Consider the basic definition of demand.
2 more questions available
Challenge Problems
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A local coffee shop raises prices due to increased costs. Analyze the potential effects on demand and the shop's decision-making process.
💡 Hint: Consider real-world scenarios of price changes you've experienced.
Discuss how opportunity cost might influence a student's decision between part-time work and studying.
💡 Hint: Think about how time is a limited resource.
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