1. What is the primary role of scarcity in economics?
2. Which of the following is a key feature that characterizes market failures?
3. What is market equilibrium in economics?
Market structures — types?
Perfect competition, monopolistic, oligopoly, monopoly.
Scarcity — definition?
Limited resources restrict production.
Demand — law?
Higher price leads to lower quantity demanded.
Microeconomics — focus?
Studies individual agents and markets.
Macroeconomics — focus?
Analyzes aggregate economic variables.
Market structures — types?
Perfect competition, monopolistic, oligopoly, monopoly.
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