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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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: 24657   |  Last updated: Jun 24, 2020
  • Sample Question
    What Microeconomics is about?

The Costs of Production

Questions: 26  |  Attempts: 3488   |  Last updated: Mar 26, 2019
  • Sample Question
    Total revenue equals the quantity of output the firm produces times the price at which it sells its output

Questions: 10  |  Attempts: 9504   |  Last updated: Apr 30, 2020
  • Sample Question
    If the demand curve for good X is downward-sloping, an increase in the price will result in

  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 inelastic. Below is a microeconomics quiz on...

Questions: 26  |  Attempts: 2586   |  Last updated: May 8, 2019
  • 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 economics, 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 provide in...

Questions: 35  |  Attempts: 980   |  Last updated: May 8, 2019
  • Sample Question
    A perfectly competitive market consists of products that are all slightly different from one another

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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?
Option C - 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 res
What is a buyer's willingness to pay?
A buyer would be willing to pay is measured in the maximum’s amount he is willing to pay for a good. Usually, products tend to be more expensive if high-quality materials were used just to make that product. It is not hard to see if a shirt tha