
Economics Principles
Quiz
•
Others
•
12th Grade
•
Practice Problem
•
Hard
sunder singhmar
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand in microeconomics?
The law of demand states that as the price increases, the quantity demanded also increases
In microeconomics, the law of demand indicates that price and quantity demanded are unrelated
According to the law of demand, as the price decreases, the quantity demanded decreases as well
The law of demand in microeconomics states that as the price of a good or service increases, the quantity demanded decreases, and vice versa.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of opportunity cost in microeconomics.
Opportunity cost is the same as sunk cost.
Opportunity cost is the cost of the chosen option.
Opportunity cost is the total cost of all available alternatives.
Opportunity cost is the value of the next best alternative forgone when a decision is made.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define price elasticity of demand and its significance in microeconomics.
Price elasticity of demand is the responsiveness of quantity demanded to a change in price. It helps businesses understand consumer reactions to price changes.
Price elasticity of demand measures the supply of goods
Price elasticity of demand only applies to luxury goods
Price elasticity of demand is unrelated to consumer behavior
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discuss the role of supply and demand in determining market equilibrium.
Supply and demand have no impact on market equilibrium
Market equilibrium is always achieved without any fluctuations
Supply and demand interact to determine the equilibrium price and quantity in a market. When the quantity supplied equals the quantity demanded, market equilibrium is achieved.
Market equilibrium is solely determined by government regulations
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a perfectly competitive market differ from a monopoly in microeconomics?
Perfectly competitive markets have a single seller controlling prices.
Monopolies have many buyers and sellers with no control over prices.
Perfectly competitive markets have few buyers and sellers with a single entity controlling prices.
Perfectly competitive markets have many buyers and sellers with no single entity controlling prices, while monopolies have a single seller with control over prices and output.
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