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Microeconomics Quizzes & Trivia

Our newest quiz is about that part of economics that studies the behavior of individuals and small players on the market. If you’ve studied it in college then there is no way you cannot get to the bottom of it. Our questions will not be impossible to answer but you will need to remember some of those things that you learned about in those years.

Here are some of the questions we’ve got in store for you: To what types of markets does microeconomics usually apply? The theory of supply and demand usually assumes that the markets are perfectly what? The measurement of how responsive an economic variable is to a change in another variable is called what? Show us your microeconomics skills and make it to first place.
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The PPC or production possibility curve/ frontier is a presumptive depiction of the different conceivable combinations of two goods that can be produced within the given available resource. This quiz has around twelve questions...

Questions: 12  |  Attempts: 7286   |  Last updated: Sep 28, 2020
  • Sample Question
    Which of the following best describes the three fundamental economic questions?

If you are an economics student, then you must know that economics is all about supply, demand, and maximizing income, be it in a business or a country. Have you been having a hard time revising for your microeconomics course...

Questions: 10  |  Attempts: 25545   |  Last updated: Jun 24, 2020
  • Sample Question
    What Microeconomics is about?

Microeconomics Quiz: Elasticity & Its Application. Demand and supply are what holds a market, and elasticity is the measure through which variable changes as a result of another variable. Demand can either be elastic or...

Questions: 26  |  Attempts: 2911   |  Last updated: Aug 20, 2020
  • Sample Question
    If the quantity demanded of a good is sensitive to a change in the price of that good, demand is said to be price inelastic. 

In the study of business and microeconomics, you’ll come across the terms “supply and demand” fairly often. It’s the concept by which we judge how much of a particular good or service the market can...

Questions: 35  |  Attempts: 1243   |  Last updated: Aug 21, 2020
  • Sample Question
    A perfectly competitive market consists of products that are all slightly different from one another



Questions: 52  |  Attempts: 498   |  Last updated: Aug 25, 2020
  • Sample Question
    A number of years ago, a company that is now out of business disposed of its chemical waste products by spraying them on the ground. It will take the EPA millions of dollars to clean up this site. This situation is an example of an externality. 
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Microeconomics Questions & Answers


What will increase in the price result in if the demand curve for good X is downward-sloping? A. An increase in the demand for good X. B. A decrease in the demand for good X. C. No...
1. A smaller quantity demanded for good X.When price changes there is a opposite change in the quantity demanded as measured on the horizontal axis.
What does the decrease in the price of coffee (other things being equal) result in if coffee and tea are substitutes? A. Downward movement along the demand curve for tea. B. Downward...
The decrease in price for coffee (a substitute for tea) will make consumers demand more coffee than tea. Remember that demand curve runs from the top left corner to the bottom right corner and quantity demanded is on the x-axis ( horizontal axis
What is Microeconomics all about?
Microeconomics is about the study if economy at micro level. It focuses on issues that affect individuals and groups. It studies economics at individual, group and companies level. It studies behaviour concerning distribution of scarce resources.
What do you understand by the term prize discrimination in economy?
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 same size, no matter the brand (unless you want specia
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