Podcast
Questions and Answers
What is the main focus of microeconomics?
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?
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?
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?
Which of the following is a factor that influences supply in microeconomics?
Where does equilibrium price and quantity occur in a market?
Where does equilibrium price and quantity occur in a market?
In a perfectly competitive market, which of the following is expected?
In a perfectly competitive market, which of the following is expected?
In monopolistic competition, firms differentiate their products to:
In monopolistic competition, firms differentiate their products to:
If a monopolistically competitive firm is making economic profit in the short run, what will happen in the long run?
If a monopolistically competitive firm is making economic profit in the short run, what will happen in the long run?
What is a key difference between an oligopoly and monopolistic competition?
What is a key difference between an oligopoly and monopolistic competition?
Why do monopolies have price-setting power?
Why do monopolies have price-setting power?
What happens to a firm's economic profit in a perfectly competitive market in the long run?
What happens to a firm's economic profit in a perfectly competitive market in the long run?
Why is a cartel considered an example of imperfect competition?
Why is a cartel considered an example of imperfect competition?
