Exam 1: Introduction: What Is Economics

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One example of a microeconomic question is, "How will prices in the satellite TV industry change if a new firm enters the market?"

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An example of analysis that involves variables and how they affect one another would include the relationship of the price of CDs to the quantity of CDs purchased.

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We can use microeconomic analysis to:

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One example of a microeconomic question is, "Should the inflation rate be lowered?"

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