The post is about an Economics and Microeconomics Quiz Questions with answers. There are 20 multiple-choice type questions covering the topics related to the elastic, cost, and average cost, perfectly elastic demand curve, marginal returns, monopolistic competitive market structure, revenue, fixed costs, profit, demand, substitute goods, and elasticity of demand. Let us start with the microeconomics quiz questions with answers.
Online Microeconomics Quiz Questions with Answers
Microeconomics Quiz Questions with Answers
- When is a good considered to be “elastic” in terms of demand?
- Which of the following is an example of a public good?
- What is the formula for calculating price elasticity of demand?
- Which of the following is a characteristic of a perfectly elastic demand curve?
- What is the primary determinant of the level of profit a firm can earn in the long run?
- What is a “monopsony” in the context of labor markets?
- Which of the following is a characteristic of a monopolistic market structure?
- What is the formula for calculating total cost?
- Which of the following is an example of a cartel?
- What is the primary objective of a monopolist?
- Which of the following is a characteristic of a perfectly inelastic demand curve?
- What is the primary difference between accounting profit and economic profit?
- Which of the following is a characteristic of a perfectly competitive market in the long run?
- What is the price elasticity of demand for a perfectly inelastic demand curve?
- Which of the following is a characteristic of an oligopoly market structure?
- When is a good considered to be a “luxury” in terms of demand?
- What is the primary determinant of a consumer’s decision to purchase a product?
- What is the formula for calculating average total cost (ATC)?
- What is a “substitute good” in economics?
- Which of the following is NOT a characteristic of a monopolistic market structure?
