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Microeconomics Concepts Quiz

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Questions and Answers

What is the main focus of microeconomics?

Studying individual markets and decision-making units (correct)

Assessing macroeconomic indicators

Developing government policies

Analyzing the economy as a whole

Which of the following is a factor that determines demand in microeconomics?

Government regulations

Price of the product (correct)

Number of producers in the market

Cost of production

According to the law of demand, what happens as the price of a product increases?

Quantity demanded decreases (correct)

Quantity demanded remains the same

Quantity demanded fluctuates

Quantity demanded increases

Which of the following is a factor that influences supply in microeconomics?

Price of the product Signup and view all the answers

Where does equilibrium price and quantity occur in a market?

Demand equals supply Signup and view all the answers

In a perfectly competitive market, which of the following is expected?

Homogeneous products and many buyers and sellers Signup and view all the answers

In monopolistic competition, firms differentiate their products to:

Increase price-setting power Signup and view all the answers

If a monopolistically competitive firm is making economic profit in the short run, what will happen in the long run?

New firms will enter the market, reducing profit Signup and view all the answers

What is a key difference between an oligopoly and monopolistic competition?

Number of firms in the market Signup and view all the answers

Why do monopolies have price-setting power?

Since they are the sole producers of a good or service Signup and view all the answers

What happens to a firm's economic profit in a perfectly competitive market in the long run?

Economic profit is driven to zero Signup and view all the answers

Why is a cartel considered an example of imperfect competition?

As it involves price collusion among firms Signup and view all the answers