The macro MIN(x, y) (x<y)? x : y; returns the smallest value from the given two numbers.

Step 1: int x=3, y=4, z; The variable x, y, z are declared as an integer type and the variable x, y are initialized to value 3, 4 respectively.

Step 2: z = MIN(x+y/2, y-1); becomes,

=> z = (x+y/2 < y-1)? x+y/2 : y - 1;

=> z = (3+4/2 < 4-1)? 3+4/2 : 4 - 1;

=> z = (3+2 < 4-1)? 3+2 : 4 - 1;

=> z = (5 < 3)? 5 : 3;

The macro return the number 3 and it is stored in the variable z.

Step 3: if(z > 0) becomes if(3 > 0) here the if condition is satisfied. It executes the if block statements.

Step 4: printf("%d\n", z);. It prints the value of variable z.

Hence the output of the program is 3