56 Best Microeconomics Questions and Answers (Q&A) - ProProfs Discuss

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What do you understand by the term prize discrimination in economy?

B.Lisa
Answered: Feb 26, 2018

Price discrimination is when a producer will charge a different price for a different market. One good, modern example is clothing. Men’s clothing is typically around the same price for the...Read More

3 Answers

437 views

Which method is used to allocate rides on the roller coaster among people with tickets?

Aziz.popy
Answered: May 09, 2024

First-come, first-served

1 Answer

434 views

Which method is used to allocate tickets to a Carrie Underwood concert?

Aziz.popy
Answered: May 09, 2024

Market price

1 Answer

429 views

What will the demand curve for a complementary good or service be if the price of a good or service falls?

John Adney
Answered: Apr 05, 2017

If they are complementary goods it should decrease as well. As they are not substitutes

2 Answers

423 views

What is true if a market is efficient?

Chris Kenway, Content Writer
Answered: Feb 20, 2019

In economics, market efficiency refers to a degree to which market prices reflect all available and relevant information. A market is efficient if the maximum amount of goods and services a...Read More

1 Answer

418 views

What basic principle does the production possibility curve illustrate?

Sajamoon
Answered: May 09, 2024

When resources are efficiently used more of a good can only be produced if less of another is produced

1 Answer

418 views

What is the demand curve a monopolist uses in making an output decision?

John Smith
Answered: May 09, 2024

The same as the market demand curve

1 Answer

415 views

Which of the following markets would most closely satisfy the requirements for a competitive market?

John Smith
Answered: May 09, 2024

Gold bullion

1 Answer

412 views

What is the marginal rate of technical substitution?

John F. connor, Content Marketing executive
Answered: Feb 07, 2019

The marginal rate of technical substitution (MRTS) is the rate at which one factor must decrease so that the same level of productivity can be maintained when another factor is increased. The...Read More

1 Answer

410 views

What is the marginal product of labor?

J. Shatner, Content writer
Answered: Aug 23, 2018

The marginal product of labor can reduce the cost of producing the current output level. They do so by employing more labor and using less capital. Normally, it is defined as the change in output...Read More

2 Answers

404 views

When should a grocery store close at night?

Emy_
Answered: May 09, 2024

Variable costs of staying open are greater than the total revenue due to staying open

1 Answer

404 views

What would we expect in the market for personal computers if there is an increase in both the supply and demand for personal computers?

Emy_
Answered: May 09, 2024

Equilibrium quantity to rise and the change in the equilibrium price to be ambiguous

1 Answer

392 views

What causes the downward movement along the demand curve of a product (if there is a decrease in it's price compared with it's substitute)?

John Adney
Answered: Dec 06, 2017

Both answer A and B have the same narritive but if you select A you are given wrong. Should be looked into. Assuming that coffee and tea are substitutes, a decrease in the price of coffee...Read More

2 Answers

368 views

What happens if managers do not choose to maximize profit, but pursue some other goal such as revenue maximization or growth?

John Smith
Answered: May 09, 2024

They are more likely to become takeover targets of profit-maximizing firms

1 Answer

352 views

What should the firm do to maximize profits?

John Smith
Answered: May 09, 2024

Sell more in both markets until marginal cost is zero.

1 Answer

346 views

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