Microeconomic Principles and Firm Behavior Quiz Test your knowledge on market structure with questions on perfect competition, monopoly, demand elasticity, and more. Prepare for exams or brush up on economics concepts.
#1
Numerous buyers and sellers
A single seller dominating the market
Barriers to entry for new firms
Control over market price by individual firms
#2
As price increases, quantity demanded decreases
As price decreases, quantity demanded decreases
As price increases, quantity demanded increases
As price decreases, quantity demanded increases
#3
Maximize sales revenue
Maximize profit
Minimize costs
Maximize market share
#4
A graph showing the relationship between inputs and outputs
The process of converting inputs into outputs
The relationship between total product and marginal product
The total cost of production
#5
Explicit costs are monetary payments, while implicit costs are opportunity costs
Explicit costs are opportunity costs, while implicit costs are monetary payments
Explicit costs are long-term costs, while implicit costs are short-term costs
Explicit costs are variable costs, while implicit costs are fixed costs
#6
All other things being equal
Everything changes
Only some things change
Nothing changes
#7
Price × Quantity Demanded
Price × Quantity Supplied
Price / Quantity Demanded
Price / Quantity Supplied
#8
As output increases, marginal cost decreases
As input increases, total output decreases
As input increases, marginal output decreases
As output increases, marginal cost increases
#9
Produce where marginal revenue equals marginal cost
Produce where total revenue equals total cost
Produce where average revenue equals average cost
Produce where marginal revenue exceeds marginal cost
#10
Economic profit
Normal profit
Supernormal profit
No profit
#11
#12
Raw materials
Labor
Rent
Utilities
#13
A local bakery
The diamond industry
Electricity supply
Natural gas supply
#14
A small-scale restaurant
Local cable television provider
Smartphone manufacturing
Retail clothing store
#15
Luxury cars
Insulin for diabetics
Smartphones
Fast food
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