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Introductory Microeconomics Quiz

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Questions and Answers

What is the term used to describe the responsiveness of quantity demanded to a change in price?

Supply and demand

Price elasticity (correct)

Consumer surplus

Market equilibrium

What is the primary focus of the ten principles of economics?

Resource allocation

Maximizing profits

Understanding human behavior (correct)

Government intervention

What happens when the market price is above the equilibrium price?

Demand increases

Consumer choice expands

Market forces adjust

A surplus occurs (correct)

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Description

Test your understanding of introductory microeconomics with this quiz covering ten principles of economics, consumer choice, graphical presentation, market forces of demand and supply, price elasticity, and equilibrium price. Challenge yourself and master these fundamental concepts of economics.