Microeconomics is the study of the economic system as a whole such as national income, trade cycle, unemployment rate, inflation and general price level

Deal with the question of “what ought to be”. Involve opinions, judgement, assumption about what the economy should be or what policy should be used to achieve economic goals.

"An economic system where all the economic decisions are made by the government or a central authority" refer to

Demand is defined as the ability and willingness to buy specific quantities of goods in a give period of time at a particular price, ceteris paribus

Handbag and shoes are example of

Law of supply states that the ______ the price of a good, the _____ is the quantity supplied for that good

Which of these is a determinant of supply?

In which type of market structure do we have the most number of firm?

In an oligopoly market, there are

Which one the type of market that have the highest barrier to entry?

"A market in which there are many buyers and sellers, the products are homogeneous and sellers can easily enter and exit from the market". This statement refer to