Free Printable Microeconomics 1

Worksheets

Microeconomics 1

Total questions: 10

Worksheet time: 5mins

Name

Class

Date

According to the laws of supply and demand, a decrease in demand will cause prices to:

Increase

Decrease

Stay The Same

Equalize

Law of Supply states

the supply of a product is not affected by its price

the quantity supplied of a product will increase when the price of the product increases

when the supply of a product decreases, the price of the product falls

when the supply of a product increases, the price of the product rises

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

Economics

Consumer Science

Opportunity Costs

Basic Economic Problem: Mismatch of unlimited wants and needs and unlimited economic resources.

True

False

For the law of demand, as price rises, what happens to quantity demanded?

it goes up

it goes down

it stays the same

it is not effected

At which price is equilibrium?

$1.00

$1.25

$1.50

$1.75

If, in a market, a particular store notices a lot of merchandise piling up on the shelves and in the stock room, how could they encourage existing buyers to buy the goods?

lower the prices as an incentive to purchase more

produce less to promote scarcity

raise prices to make the goods appear higher in quality

begin producing different products

Prices set too high in a market will lead to which situation?

stagflation

stability

surplus

shortage

A market structure in which there is only one seller is known as a

oligopoly

monopolistic competition

monopoly

pure competition

10.

In the graph, what might explain the movement of the demand curve from D₁ to D₃?

a surplus of the product

a decrease in the general income of the region

a decrease in the price of a substitute product

a decrease in the price of a complementary product

Reset

Microeconomics 1

Total questions: 10

Worksheet time: 5mins

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