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2 cards from this section. Quick, good the night before a test.
What is microeconomics?
Think about what 'micro' means in terms of scale.
Define equilibrium price.
Consider where the supply and demand curves intersect.
What is the main focus of microeconomics?
Focus on individual agents in economic theory.
True or False: Market failures always require government intervention.
Consider the effects of externalities.
Evaluate the impact of a sudden increase in oil prices on the market for electric cars. What does this imply for both supply and demand?
Consider consumer preferences and costs associated with traditional cars.
Discuss how externalities can lead to inefficient market outcomes. Provide a detailed example.
Use a real-world example to illustrate the concept clearly.
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