Microeconomics Decision-Making Units Quiz

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Questions and Answers

Which of the following is a primary producing unit in a market economy?

  • Entrepreneur
  • Household
  • Firm (correct)
  • Buyer

Who assumes the risks of a firm and turns a new idea or product into a successful business?

  • Firm
  • Entrepreneur (correct)
  • Household
  • Buyer

What do we call the consuming units in an economy?

  • Buyer
  • Household (correct)
  • Firm
  • Entrepreneur

What does 'demand' refer to?

<p>The amount of goods or services consumers are willing and able to purchase at each price (D)</p> Signup and view all the answers

What are the characteristics of competitive markets?

<p>Identical goods or services (D)</p> Signup and view all the answers

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