1.2 - Firm Behavior
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Practice Questions
Test your understanding with targeted questions
What is opportunity cost?
💡 Hint: Think about what you give up when you make a decision.
What do we call the decisions made by firms regarding what to produce?
💡 Hint: It involves choices about goods and services.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is firm behavior in microeconomics?
💡 Hint: Think about who makes production decisions.
True or False: A higher demand typically leads to a decrease in production.
💡 Hint: How do firms respond to increased demand?
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Challenge Problems
Push your limits with advanced challenges
Discuss how a sudden surge in raw material prices could impact a firm's output and pricing strategy.
💡 Hint: How do costs affect pricing and production?
Analyze how consumer trends influence production in a monopolistically competitive market.
💡 Hint: Consider the importance of staying relevant in a competitive landscape.
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