3 Questions
What is the term used to describe the responsiveness of quantity demanded to a change in price?
Price elasticity
What is the primary focus of the ten principles of economics?
Understanding human behavior
What happens when the market price is above the equilibrium price?
A surplus occurs
Study Notes
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.
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