24 Questions |
By Miller689 | Last updated: May 8, 2019
| Total Attempts: 72
The study of microeconomics takes a look at some of the decisions made by individuals and firms with regards to scarce resources like money, goods and services. Many would agree that figuring out what to do with a little is much harder than figuring out what to do with a lot. Do you know how the study operates? Take the following quiz to see if you can tell us all about microeconomics.
Questions and Answers
Total physical product
Diminishing marginal returns
Ecomomics of scale
TC=TFC+TVCTFC=TC-TVCTVC=TC-TFCATC=TC/QAVC=TVC/QAFC=TFC/QMC=CHANGE IN TC/CHANGE IN Q
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If the demand curve for good X is downward-sloping, an increase in the price will result in