This is an informative quiz on the aspects of microeconomics. The market would not exist if there were no consumers and producers. The level of consumption or production in a market is dependent on a lot of variables and we have covered them all in our past classes. Do you think that you have what it takes to handle the informative quiz on aspects of economics? Take it and find out!
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Above the supply curve and below the price
Below the supply curve and above the price
Above the demand curve and below the price
Below the demand curve and above the price
Below the demand curve and above the supply curve
That buyer's consumer surplus
That buyer's producer surplus
That buyer's maximum amount he is willing to pay for a good
That buyer's minimum amount he is willing to pay for a good
None of the above
$0
$2,000
$18,000
$20,000
$38,000
Increases consumer surplus
Decreases consumer surplus
Improves the material welfare of the buyers
Improves market efficiency
One vase will be sold, and consumer surplus is $30
One vase will be sold, and consumer surplus is $5
Two vases will be sold, and consumer surplus is $5
Three vases will be sold, and consumer surplus is $0
Three vases will be sold, and consumer surplus is $80
Above the supply curve and below the price
Below the supply curve and above the price
Above the demand curve and below the price
Below the demand curve and above the price
Below the demand curve and above the supply curve
Producer surplus is maximized
Consumer surplus is maximized
Total surplus is maximized
The value placed on the last unit of production by buyers exceeds the cost of production
The cost of production on the last unit produced exceeds the value placed on it by buyers
Producer surplus is maximized
Consumer surplus is maximized
Total surplus is maximized
The value placed on the last unit of production by buyers exceeds the cost of production
The cost of production on the last unit produced exceeds the value placed on it by buyers
The seller's consumer surplus
The seller's producer surplus
The maximum amount the seller is willing to accept for a good
The minimum amount the seller is willing to accept for a good
None of the above
Above the supply curve and below the price
Below the supply curve and above the price
Above the demand curve and below the price
Below the demand curve and above the price
Below the demand curve and above the supply curve
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Here's an interesting quiz for you.