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Microeconomics, SJ14103
Lesson 1 Tutorial Discussion
Semester 1, 2023/2024

Match the following statements with a microeconomic concept.

Statement Concept
A measure of responsiveness of one variable to
changes in another variable.
Labour, land, and capital.
Satisfaction = ___________________
An economic unit who has the objective to get
maximum satisfaction.
An economic unit who has the objective to
maximise profit.
Ali is willing to pay RM100 for a pair of school
shoes, but the actual price of the shoes is RM80.
He obtained some economic happiness.
The economic activity to buy a good or service.
The economic activity to sell a good or service.
The money value of a particular good or service.
Ali must let go ice-cream as he wanted to buy
chocolate cake. The ice-cream is termed the
second best that he let go for the best choice
(chocolate cake) due to his limited income.
A market structure ruled by one firm.
A function that tells how quantity demanded of a
good/service is dependent on certain factors.
A function that tells how quantity supplied of a
good/service is dependent on certain factors.
A graph indicating the relationship between
quantity demanded of a good/service and the
price.
A consumer gains an extra amount of utility when
the consumer increases his/her consumption of a
good/service by an additional unit.