Intermediate Microeconomics Quiz

W. W. Norton & Company

• Founded by William Warder Norton and Mary D. Herter Norton in 1923
• Two major pillars of Norton's publishing program: university-level textbooks and trade books
• The Norton family transferred control of the company to its employees in 1988.
• Norton publishes approximately 150 new titles each year.
• W. W. Norton & Company is the only major publishing house in the United States that is owned by its employees.
• The economic model of price determination in a market is called supply and demand.
• The supply and demand model postulates that in a competitive market, the price of a good or service will be determined by the interaction of supply and demand.
• The theoretical basis of modern economics is rooted in the ideas of Adam Smith, who emphasized the role of the Invisible Hand in guiding market forces.
• The aggregate demand-aggregate supply model depicts the relationship between the overall level of output (GDP) and the overall price level in an economy.
• A supply schedule is a table that shows the quantity of a good or service that suppliers are willing to offer at different prices.

Test your knowledge of intermediate microeconomics concepts with this quiz based on the book "Intermediate Microeconomics: A Modern Approach, 8th Edition" by W. W. Norton & Company. Challenge yourself with questions on topics like consumer behavior, supply and demand, market equilibrium, and more.