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Microeconomics Quizzes, Questions & Answers

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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Do you know about the production possibility curve? To test your knowledge, take this MCQ on Production Possibilities Curve quiz. The PPC or production possibility curve/frontier is a presumptive depiction of the different...

Questions: 10  |  Attempts: 25371   |  Last updated: Apr 1, 2024
  • Sample Question
    Which of the following best describes the three fundamental economic questions?
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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: 34781   |  Last updated: Nov 6, 2023
  • Sample Question
    What Microeconomics is about?
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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: 8984   |  Last updated: Oct 6, 2023
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    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. 
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This is an introduction to microeconomics quiz. The study of microeconomics is a branch of economics. It's the study of how we produce, distribute, and consume goods and services, but the difference is that microeconomics...

Questions: 10  |  Attempts: 4873   |  Last updated: Jan 11, 2024
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    Microeconomics focuses on ...................................... .
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Dive into the fascinating world of economics with our Opportunity Cost Quiz! Delve into the core concept of opportunity cost, where every decision involves sacrificing alternatives. Whether you're an aspiring economist or a...

Questions: 15  |  Attempts: 3367   |  Last updated: Dec 22, 2023
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    If a business invests in research and development instead of marketing, the potential increase in sales from marketing is the: 
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Microeconomics is a division of economics that studies individuals' and firms' behavior in making decisions regarding the distribution of scarce resources and the interactions among these entities and corporations. The...

Questions: 10  |  Attempts: 11247   |  Last updated: Mar 22, 2023
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    If the demand curve for good X is downward-sloping, an increase in the price will result in
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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: 5484   |  Last updated: Dec 12, 2023
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    A perfectly competitive market consists of products that are all slightly different from one another
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