Microeconomics Principles and Market Equilibrium Quiz Test your knowledge of microeconomics with questions on supply, demand, market structures, and more. Dive into concepts like elasticity, monopoly, and opportunity cost.
#1
As price increases, quantity demanded decreases
As price increases, quantity demanded increases
As price decreases, quantity demanded decreases
As price decreases, quantity demanded increases
#2
As consumption increases, total utility increases
As consumption increases, marginal utility increases
As consumption increases, total utility decreases
As consumption increases, marginal utility decreases
#3
A normal good has a positive income elasticity of demand, while an inferior good has a negative income elasticity of demand
A normal good has a negative income elasticity of demand, while an inferior good has a positive income elasticity of demand
Both normal and inferior goods have positive income elasticity of demand
Both normal and inferior goods have negative income elasticity of demand
#4
A perfectly elastic demand curve is horizontal, while a perfectly inelastic demand curve is vertical
A perfectly elastic demand curve is vertical, while a perfectly inelastic demand curve is horizontal
Both curves are vertical
Both curves are horizontal
#5
A good for which demand decreases as income increases
A good for which demand increases as income increases
A good with constant demand regardless of income changes
A good with unpredictable demand patterns
#6
A measure of how much quantity demanded responds to a change in price
The total quantity of a good demanded at a specific price
A measure of how much quantity supplied responds to a change in price
The total quantity of a good supplied in the market
#7
Price is greater than marginal revenue
Price is equal to marginal revenue
Price is less than marginal revenue
Price and marginal revenue are unrelated
#8
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Change in quantity demanded / Change in price
Change in price / Change in quantity demanded
#9
A good for which demand increases as income increases
A good for which demand decreases as income increases
A good with constant demand regardless of income changes
A good with unpredictable demand patterns
#10
As price increases, quantity supplied increases
As price increases, quantity supplied decreases
As price decreases, quantity supplied increases
As price decreases, quantity supplied decreases
#11
A legally established maximum price for a good or service
A legally established minimum price for a good or service
A situation where the quantity demanded exceeds the quantity supplied
A situation where the quantity supplied exceeds the quantity demanded
#12
A theory about the impact of government intervention on market outcomes
A theory about the relationship between externalities and market equilibrium
A theory about the importance of property rights in resolving externalities
A theory about the role of competition in regulating markets
#13
There is no difference; the terms are used interchangeably
Accounting profit includes explicit costs, while economic profit includes both explicit and implicit costs
Economic profit includes only explicit costs, while accounting profit includes both explicit and implicit costs
Economic profit is always higher than accounting profit
#14
A situation where a resource is owned by the government
A situation where a common resource is overused and depleted due to lack of private ownership
A situation where a resource is privately owned but underused
A situation where a common resource is conserved effectively by the community
#15
A market structure with many sellers and differentiated products
A market structure with one seller and many buyers
A market structure with few sellers and identical products
A market structure with many sellers and identical products
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