Microeconomics: Introduction and Supply and Demand with correct answers 100% 2026

Microeconomics: Introduction and Supply and Demand with correct answers 100% 2026 Scarcity - Correct Answers limited nature of society's resources Economics - Correct Answers study of how society manages scarcity Opportunity Cost (aka Marginal cost) - Correct Answers explicit cost (cost of activity) + implicit cost (net marginal benefit of next best alternative) Marginal change - Correct Answers small adjustment to action Marginal benefit and cost - Correct Answers Should be compared when making a decision to marginally change. Market - Correct Answers Group of buyers and sellers interacting Competitive market - Correct Answers So many buyers and sellers that none influence market price perfectly competitive (PC) - Correct Answers goods being offered are the same and numbers of buyers and sellers cannot influence market price. Price takers - Correct Answers accept market price as given quantity demanded - Correct Answers amount of good buyers are willing and able to buy. law of demand - Correct Answers Quantity demanded decrease when price increases and vice versa Demand Schedule - Correct Answers Table Demand Curve - Correct Answers Graph Market demand - Correct Answers The sum of all individual demands, summed horizontally on a graph. Change in QD - Correct Answers Change in price of good creates a movement along demand curve Change in demand - Correct Answers Change in factors other than price or quantity creates a shift in a demand curve. factors that create a shift: Normal Good, Inferior Good Normal Good - Correct Answers Increase Income = Increase demand Inferior good - Correct Answers Increase Income = decrease demand substitute - Correct Answers Decrease in price of good 1 = decrease in demand of good 2 (e.g pc and Xbox)