4.1 - Definition
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Practice Questions
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Define microeconomics.
💡 Hint: Focus on the scale of study.
What does scarcity refer to?
💡 Hint: Think about wants versus needs.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does microeconomics study?
💡 Hint: Remember the scale of analysis.
True or False: Opportunity cost is the benefit gained from the chosen option.
💡 Hint: Consider what you give up, not the choice itself.
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Challenge Problems
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Provide a real-life scenario where you had to choose between two items due to limited funds. Explain the opportunity cost associated with your choice.
💡 Hint: Think about a recent purchase you made.
Evaluate how a sudden increase in the price of gasoline might affect consumer demand for hybrid cars. Discuss the factors that come into play.
💡 Hint: Consider how price changes influence consumer behavior.
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