Business Degree Certification Practice Test

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What is the term for the analysis of market structures and firm behavior in the context of price and output decisions?

Microeconomics
Macroeconomics
International economics
Development economics

The correct answer is: Microeconomics

The term that describes the analysis of market structures and firm behavior concerning price and output decisions is microeconomics. Microeconomics focuses specifically on the actions of individuals and firms, examining how they make choices regarding resource allocation, production, and consumption. It looks at how these decisions impact supply and demand within specific markets. In contrast, macroeconomics deals with the overall economy and large-scale economic factors, such as national income, inflation, and unemployment, rather than individual market behavior. International economics further extends the discussion to trade and financial flows between countries, while development economics focuses on economic growth and practices in developing countries. Therefore, microeconomics encapsulates the analysis directly related to markets and pricing strategies, making it the appropriate choice in this context.