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Microeconomics price demand

Quiz by shahbas banu

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8 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

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