Economics

The post is about Economics and MCQs Microeconomics Questions with answers. There are 20 multiple-choice type questions covering the topics related to the marginal cost, elasticity, cost, marginal revenue, 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 MCQs Microeconomics Questions with answers.

Please go to MCQs Microeconomics Questions 3 to view the test

Online MCQs Microeconomics Questions with Answers

• What is the formula for calculating marginal cost (MC)?
• Which of the following is a characteristic of a competitive firm in the long run?
• Which of the following is a characteristic of a monopolistically competitive market structure?
• What is the formula for calculating average variable cost (AVC)?
• Which of the following is an example of a variable cost for a firm?
• Which of the following is an example of a common resource in economics?
• What is the primary objective of a firm’s pricing strategy?
• What is the formula for calculating profit in economics?
• Which of the following is a characteristic of perfect competition?
• What is the formula for calculating marginal revenue (MR)?
• In economics, what is the “production function”?
• Which of the following is a characteristic of a public good?
• What is the formula for calculating consumer surplus?
• Which of the following is NOT a determinant of supply?
• What is the formula for calculating economic profit?
• Which of the following is a characteristic of a perfectly competitive firm in the short run?
• What is a “complementary good” in economics?
• What is the formula for calculating average revenue (AR)?
• Which of the following is a characteristic of a competitive market in the long run?
• What is the formula for calculating average fixed cost (AFC)?

R Frequently Asked Questions

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.

Please go to Microeconomics Quiz Questions 1 to view the test

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?

Statistics and Data Analysis

The post is about an Economics and Microeconomics quiz with answers. There are 20 multiple-choice type questions covering the topics related to utility, competitive market, equilibrium, normal goods, marginal returns, monopolistic competitive market structure, revenue, fixed costs, profit, demand, substitute goods, and elasticity of demand. Let us start with the microeconomics quiz with answers.

Please go to Microeconomics Quiz 1 to view the test

Online Microeconomics Quiz with Answers

• In economics, what does the term “utility” refer to
• Which of the following is NOT a characteristic of a perfectly competitive market
• What happens to consumer surplus when the price of a good decreases?
• In the context of demand and supply, what does the “equilibrium price” represent
• Which of the following is an example of a normal goods
• What is the main objective of a firm in the short run?
• In the long run, a firm in a competitive market will earn
• What is the law of diminishing marginal returns
• Which of the following is a characteristic of a monopolistic competitive market structure?
• What is the profit-maximizing level of output for a perfectly competitive firm in the short run?
• What is the formula for calculating total revenue in economics?
• Which of the following is an example of a fixed cost for a firm?
• In a perfectly competitive market, how does a firm maximize profit in the long run?
• What is the shape of the demand curve for a perfectly competitive firm?
• Which of the following is NOT a determinant of demand?
• Which of the following is an example of a positive externality?
• What is the primary goal of antitrust laws?
• What is the cross-price elasticity of demand for substitute goods?
• Which of the following is a characteristic of a natural monopoly?
• What is the main purpose of a price ceiling in a market?

Statistics and Data Analysis

R Frequently Asked Questions