
Microeconomics Quiz
Authored by Lorraine Ramos
Social Studies
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The economist _____ introduced the objective of sales maximisation.
Adam Smith
Alfred Marshall
William Baumol
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Another name for the sales maximisation hypothesis is ______
Profit maximisation
Revenue maximisation
Utility maximisation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The sales maximisation hypothesis is said to be subject to a ______
Minimum profit constraint
Maximum profit constraint
Zero loss constraint
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A _____ is a place or locality where goods are sold and purchased
Firm
Industry
Market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
______ is said to prevail when there are a large number of firms producing homogeneous products
Oligopoly
Perfect competition
Imperfect competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a feature of perfect competition
Large number of firms
Free entry and exit in the long run
Differentiated products
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is a market structure wherein a large number of firms produce differentiated products
Perfect competition
Monopolistic competition
Oligopoly
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