
Microeconomics Mastery
Quiz
•
Arts
•
12th Grade
•
Practice Problem
•
Hard
Deepak Uprety
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
The law of demand states that price and quantity demanded are inversely related.
The law of demand suggests that quantity demanded remains constant regardless of price changes.
The law of demand indicates that higher prices lead to higher quantity demanded.
The law of demand states that price and quantity demanded are directly related.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of equilibrium price.
The equilibrium price is the price at which all goods are sold out.
The equilibrium price is determined solely by government regulations.
The equilibrium price is the price where quantity demanded equals quantity supplied.
The equilibrium price is the highest price consumers are willing to pay.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the characteristics of perfect competition?
Few buyers and sellers
Products are highly differentiated
Characteristics of perfect competition include many buyers and sellers, identical products, free market entry and exit, perfect information, and price-taking behavior.
Restricted market entry and exit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define price elasticity of demand.
Price elasticity of demand refers to the quantity supplied at a given price.
Price elasticity of demand measures consumer income levels.
Price elasticity of demand is the total revenue generated from sales.
Price elasticity of demand is the responsiveness of quantity demanded to a change in price.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does consumer income affect demand?
Higher consumer income decreases demand for all goods.
Higher consumer income generally increases demand for normal goods and decreases demand for inferior goods.
Consumer income has no effect on demand for luxury items.
Increased income leads to a decrease in demand for normal goods.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are fixed and variable costs in production?
Fixed costs remain constant regardless of production levels, while variable costs change with production volume.
Fixed costs are only incurred when production is at maximum capacity.
Variable costs are always higher than fixed costs in production.
Fixed costs vary with production levels, while variable costs remain constant.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a monopoly and how does it affect market prices?
A monopoly is defined by government regulation of prices and services.
A monopoly leads to lower prices and increased consumer choice.
A monopoly is a market structure with multiple sellers competing for prices.
A monopoly is a market structure with a single seller that controls prices, often leading to higher prices and reduced consumer choice.
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