Micro Economics

Micro Economics

University

10 Qs

quiz-placeholder

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Micro Economics

Micro Economics

Assessment

Quiz

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University

Practice Problem

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Suprabha K

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10 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The demand curve for a normal good slopes downward because of:

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the short run, a firm's total cost is the sum of:

Fixed cost and variable cost

Marginal cost and variable cost

Total revenue and marginal cost

Variable cost and marginal revenue

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A firm’s supply curve in the short run is its:

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the supply curve when production costs increase?

It shifts to the left

It shifts to the right

It remains unchanged

It becomes vertical

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following factors can cause a shift in the demand curve for a luxury good?

Changes in the price of substitutes

All of the above

Changes in consumer income

Changes in consumer preferences

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the long run, a firm can adjust all of its inputs, which means:

It can change its production capacity

It can only change variable costs

It cannot change fixed costs

It must operate at minimum average cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary reason a firm may experience diminishing returns in the short run?

Increased market competition

Limited variable inputs

Increased fixed costs

Higher average total costs

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