Microeconomics - Market Equilibrium and Welfare Analysis Quiz Test your understanding of market equilibrium, welfare analysis, demand, supply, surplus, elasticity, monopolies, and more in this microeconomics quiz.
#1
A situation where quantity supplied equals quantity demanded
A situation where quantity supplied exceeds quantity demanded
A situation where quantity demanded exceeds quantity supplied
A situation where neither quantity demanded nor quantity supplied exist
#2
Price of the good
Income of the consumers
Price of substitutes
Cost of production
#3
The difference between the price consumers are willing to pay and the price they actually pay
The difference between the price producers are willing to accept and the price they actually receive
The total revenue earned by producers in a market
The total cost incurred by consumers in purchasing a good or service
#4
The difference between the price consumers are willing to pay and the price they actually pay
The difference between the price producers are willing to accept and the price they actually receive
The total revenue earned by producers in a market
The total cost incurred by consumers in purchasing a good or service
#5
Perfect competition exists
There is no government intervention in the market
Consumers have perfect information about prices
Supply and demand are in balance
#6
It leads to a surplus of the good
It leads to a shortage of the good
It has no effect on the market
It results in no change in consumer behavior
#7
Equilibrium price increases, equilibrium quantity decreases
Equilibrium price decreases, equilibrium quantity increases
Equilibrium price and quantity both increase
Equilibrium price and quantity both decrease
#8
It increases
It decreases
It remains unchanged
It depends on the price elasticity of demand
#9
The loss of consumer surplus due to government intervention
The loss of producer surplus due to government intervention
The loss of total surplus due to market inefficiency
The loss of total revenue due to a decrease in demand
#10
It ensures that no individual can be made better off without making someone else worse off
It maximizes total surplus in the market
It guarantees that all goods are distributed equally among individuals
It leads to a perfectly competitive market
#11
It increases equilibrium price and quantity
It decreases equilibrium price and quantity
It has no effect on equilibrium price but increases equilibrium quantity
It has no effect on equilibrium price but decreases equilibrium quantity
#12
Excess demand
Excess supply
No change in equilibrium
No effect on consumer surplus
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