Microeconomics Fundamentals Quiz

Maximizing employment opportunities

Maximizing utility given limited resources (correct)

Minimizing government intervention in the economy

Maximizing profit in a competitive market

As price increases, quantity demanded increases, ceteris paribus

As price decreases, quantity demanded decreases, ceteris paribus

As price decreases, quantity demanded increases, ceteris paribus

As price increases, quantity demanded decreases, ceteris paribus (correct)

Consumption of cigarettes leading to negative health effects

Immunization programs reducing the spread of diseases (correct)

Pollution caused by a manufacturing plant

Overfishing in the open seas

<p>The value of the best alternative forgone when a choice is made</p> Signup and view all the answers

<p>As a person consumes more of a good, the additional satisfaction from each additional unit decreases</p> Signup and view all the answers

<p>Responsiveness of quantity demanded to changes in price</p> Signup and view all the answers