What is the primary focus of microeconomics?

• The overall economy

• The behavior of individuals and firms

• International trade

• Government policies

Which of the following is a characteristic of perfect competition?

• High barriers to entry

• Identical products

• Few sellers

• Price makers

What does the utility maximization problem aim to explain?

• How firms set prices

• How individuals make choices

• Government intervention

• Market failures

What is opportunity cost?

• The fixed costs of a firm

• The total cost incurred

• The value of the next-best alternative

• The cost of production

In which market structure does a single seller dominate?

• Monopolistic competition

• Monopoly

• Oligopoly

• Perfect competition

Who is the father of economics?

• James mill

• Thomas jeffers

• Adam smith

• Alfred marshell