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Microeconomics price demand

Quiz by SAIRA MOHAMED SHERIF

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24 questions
Show answers
  • Q1
    In microeconomics, what happens to price if demand decreases?
    Price fluctuates
    Price increases
    Price remains constant
    Price decreases
    30s
  • Q2
    According to the law of demand in microeconomics, what is the relationship between price and quantity demanded?
    Neutral
    Direct
    Inverse
    Proportional
    30s
  • Q3
    What effect does an increase in consumer income have on the demand for normal goods in microeconomics?
    The demand for normal goods becomes elastic
    The demand for normal goods decreases
    The demand for normal goods remains constant
    The demand for normal goods increases
    30s
  • Q4
    What happens to the demand curve for a substitute good if the price of its substitute increases?
    The demand curve shifts to the right
    The demand curve shifts to the left
    There is a movement down along the demand curve
    There is a movement up along the demand curve
    30s
  • Q5
    What is the impact of a decrease in the price of complementary goods on the demand curve for the main good in microeconomics?
    The demand curve for the main good shifts to the right
    The demand curve for the main good shifts to the left
    There is a movement down along the demand curve for the main good
    The price of the main good increases
    30s
  • Q6
    What is the concept of consumer surplus in microeconomics?
    The tax consumers have to pay on goods and services
    The profit made by consumers from selling goods in the market
    The additional cost consumers incur when purchasing a good or service
    The difference between what consumers are willing to pay for a good or service and what they actually pay
    30s
  • Q7
    What is the income effect in microeconomics?
    The change in price of a good due to a change in income
    The change in quantity demanded of a good due to a change in consumer income
    The change in consumer preferences leading to income generation
    The impact of inflation on consumer purchasing power
    30s
  • Q8
    In microeconomics, what happens to the quantity demanded of a good when its price increases, assuming all other factors remain constant?
    Quantity demanded remains constant
    Quantity demanded decreases
    Quantity demanded fluctuates
    Quantity demanded increases
    30s
  • Q9
    At what point does a business break even?
    When total costs exceed total revenue
    When total revenue equals total costs
    When total revenue exceeds total costs
    When variable costs equal fixed costs
    30s
  • Q10
    What is the formula for calculating profit?
    Profit = Total Revenue - Total Costs
    Profit = Total Costs / Total Revenue
    Profit = Total Costs - Total Revenue
    Profit = Total Revenue + Total Costs
    30s
  • Q11
    What does 'marginal cost' refer to in economics?
    The cost of producing one additional unit of output
    The difference between total revenue and total cost
    The total cost of production divided by the number of units produced
    The total revenue generated from the sale of all units
    30s
  • Q12
    What is the difference between fixed costs and variable costs?
    Fixed costs remain constant regardless of production levels, while variable costs change with production levels.
    Fixed costs change with production levels, while variable costs remain constant.
    Variable costs are associated with rent, while fixed costs include utilities.
    Fixed costs are for raw materials, while variable costs are for labor.
    30s
  • Q13
    How do you calculate the total revenue?
    Total Revenue = Total Costs / Quantity Sold
    Total Revenue = Price per Unit \u00d7 Quantity Sold
    Total Revenue = (Price per Unit + Total Costs)
    Total Revenue = Quantity Sold - Total Costs
    30s
  • Q14
    What does the term 'economies of scale' refer to?
    The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.
    The cost disadvantages that enterprises face when they increase their scale of operation.
    The cost advantages that enterprises obtain by reducing the quantity of output.
    The cost advantages that enterprises obtain due to specialization in a particular product or service.
    30s
  • Q15
    How do economies of scale impact a company's profitability?
    Economies of scale only benefit customers, not the company's profitability.
    Economies of scale always result in higher average costs, reducing profitability.
    Economies of scale can lead to lower average costs, which in turn can increase a company's profitability.
    Economies of scale have no impact on a company's profitability.
    30s

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