Podcast
Questions and Answers
What does elasticity of supply tell us?
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?
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?
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?
When the average total cost curve is rising, what will happen to the marginal cost curve?
What is the slope of the marginal cost curve as output increases?
What is the slope of the marginal cost curve as output increases?
What is the slope of the marginal cost curve?
What is the slope of the marginal cost curve?
What is a monopoly?
What is a monopoly?
What is a monopoly?
What is a monopoly?
What happens to a firm's marginal cost curve when technology improves?
What happens to a firm's marginal cost curve when technology improves?
When technology improves, where does the firm's marginal cost curve shift?
When technology improves, where does the firm's marginal cost curve shift?
Why should a perfectly competitive firm decrease output if price is less than marginal cost?
Why should a perfectly competitive firm decrease output if price is less than marginal cost?
What are implicit costs?
What are implicit costs?
Study Notes
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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!
