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EconsTrivia

Authored by Wan Roslan

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University

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EconsTrivia
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30 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is a characteristic of a perfectly competitive market?

Few sellers

Differentiated products

Barriers to entry

Many buyers and sellers

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the opportunity cost of a decision?

The monetary cost of the decision

The benefit of the chosen option

The value of the next best alternative foregone

The total cost of all alternatives

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Marginal cost is defined as:

Total cost divided by quantity

The cost of producing one more unit

Fixed cost plus variable cost

The cost of all units produced

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A good is considered elastic if:

Demand changes little with price

Demand changes significantly with price

Supply is fixed

It is a necessity

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following shifts the demand curve to the right?

A decrease in income (for a normal good)

A decrease in the price of the good

An increase in consumer income (for a normal good)

A decrease in population

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is a price ceiling?

A minimum legal price

A maximum legal price

A market equilibrium price

A government subsidy

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In the short run, which cost is considered fixed?

Labor cost

Raw material cost

Rent on factory space

Utility bills

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