Examlex
Below is a student's answer to the question "What is microeconomics?" If you were the instructor, how would you correct the student's answer?
"Microeconomics is the study of how government influences the choices made by individuals and businesses and of the performance of the whole national economy."
Upward-Sloping
Refers to a line on a graph that demonstrates an increase in value on the vertical axis as the value on the horizontal axis increases; typically related to supply curves in economics.
Pure Competition
Another term for a purely competitive market, emphasizing the absence of barriers to entry and the presence of numerous sellers and buyers.
Average Total Cost
The per-unit production cost, obtained by dividing the overall expenses of production by the number of items produced.
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