Microeconomics

What is economics?

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Microeconomics deals with

• Government intervention

• individual choice

• All of the above

Take an action if and only if the extra benefits are at least as great as the extra costs. This represents the

• Cost Benefit Principle

• Opportunity Cost

• Scarcity Principle

What is Demand?

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Name 3 factors that determine demand

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The law of demand says

• the higher the price the greater the demand

• the lower the price the greater the demand

• none of the above

Name two factors that causes a shift to the right in the demand curve.

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Name two factors that cause the demand to shift to the left.

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What does a movement up the demand curve means?

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What is a downward movement on the demand curve means?

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