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.
Online Microeconomics Quiz with Answers
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?
