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Microeconomics Quiz

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Questions and Answers

What does elasticity of supply tell us?

How much supply responds to a change in quantity demanded.

How much sellers will increase production in response to a change in price. (correct)

How much producers will increase production with changes in consumers' income.

How much sellers will change their price as their quantity supplied changes.

What does the elasticity of supply tell us?

How much sellers will change their price as their quantity supplied changes

How much supply responds to a change in quantity demanded

How much sellers will increase production in response to a change in price (correct)

How much producers will increase production with changes in consumers' income

When the average total cost curve is rising, where will the marginal cost curve be?

Falling with greater output

Above the average total cost curve (correct)

Below the average total cost curve

Below the average fixed cost curve

When the average total cost curve is rising, what will happen to the marginal cost curve?

Above the average total cost curve. (A) Signup and view all the answers

What is the slope of the marginal cost curve as output increases?

Slopes downward to the right. (B) Signup and view all the answers

What is the slope of the marginal cost curve?

Slopes downward to the right as output increases (B) Signup and view all the answers

What is a monopoly?

There is only one producer of a good or service (B) Signup and view all the answers

What is a monopoly?

There is only one producer of a good or service. (D) Signup and view all the answers

What happens to a firm's marginal cost curve when technology improves?

Downward and supply increases. (C) Signup and view all the answers

When technology improves, where does the firm's marginal cost curve shift?

Downward and supply increases (D) Signup and view all the answers

Why should a perfectly competitive firm decrease output if price is less than marginal cost?

The firm is producing units that cost more to produce than the firm receives in revenue, thus reducing its profits (or increasing its losses) (A) Signup and view all the answers

What are implicit costs?

Are the value of resources used for which no monetary payment is made (C) Signup and view all the answers

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Description

Test your understanding of microeconomics with this quiz! See how well you know the concepts of elasticity of supply and marginal cost curves. This quiz will challenge your knowledge of supply and demand and help you identify key factors that affect pricing and production decisions. Choose the best answer from the options provided and improve your understanding of microeconomics. Get ready to expand your knowledge and sharpen your skills!