Fill in the Blanks:
1. Microeconomics focuses on the behavior of ____________ economic units such as households, firms, and individual consumers.
2. The relationship between the quantity of a good that producers are willing to sell and its price is described by the law of ____________.
3. When the quantity demanded equals the quantity supplied in a market, this state is called ____________.
4. A ____________ market structure is characterized by many small firms selling identical products with no barriers to entry.
5. The additional satisfaction a consumer gains from consuming one more unit of a good or service is known as ____________ utility.
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