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Newest Microeconomics Questions

1. Which of the following illustrates what happens when supply and demand work as they should, according to Adam Smith? (1 point)R
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2. What cause the demand curve for the good to shift to the right
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   2. asked by Esther Bowa
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3. An increase in the price of a product will cause the demand curve to shift to right or left
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   2. asked by Esther Bowa
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4. An increase in the price of demand will cause price to what
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   2. asked by Esther Bowa
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5. According to the wealth effect, aggregate demand slopes downward (negatively) becausea. lower prices increase the value of money
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   2. asked by unknown 2.0
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6. The demand for a certain product is given by pplus3qequals355​, and the supply for this product is given by
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7. The demand for a certain product is given by pplus3qequals355​, and the supply for this product is given by
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8. Describe price elasticity of demand
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   2. asked by KOKII
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9. What cause demand curve for inferior goods to shift to left..??
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   2. asked by KOKII
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10. Describe Demand in economics
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    2. asked by KOKII
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11. What happens to the average total cost curve for a company with economies of scale?A. When production decreases, the cost of
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12. The total demand for goods and services in an economy is known as:national demand economy-wide demand gross national product
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    2. asked by pule
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13. With all other economic forces held constant, an increase in labor productivity throughout the country implies _____.(1 point)Re
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14. IN DETAIL WITH REFERENCES, EXPLAIN BY ANALYSING THE DEMAND AND SUPPLY THEORY FOR THE FOLLOWING LISTED BELOW1. Concept of Demand
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15. The willingness and ability of buyers to purchase a product or service is known as___A. demand B. equilibrium C. supply D.
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16. If a householdâ s income rises from R20 000 to R23 000 and its consumption rises from R18 000 to R20 000, then its:marginal
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17. Which statement about supply and demand is TRUE?When demand is low and supply is low, prices increase. When demand is low and
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18. what is supply and demand
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19. Read each question and choose the best answer.Which of the following describes the benefits of specialization in a free market?
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20. How does Supply and Demand work?(1 point) Responses As supply increases, demand increases As supply increases, demand increases
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21. Which of the following satisfy the law of supply? Select the two correct answers.(1 point)Responses An increase in price is
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22. What is the elasticity of demand for peanut butter when the price changes from $2.00 to $0.40 as shown by this supply and demand
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23. Read each question and choose the best answer.An opportunity cost is A. the best alternative that is given up when a decision is
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24. Read each question and choose the best answer.Because of scarcity, every decision involves a A. cost/benefit analysis. B.
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25. Read each question and choose the best answer.What are economists referring to when they say "choosing is refusing"? A.
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26. Which item would probably have inelastic demand for a student?mouse pad sneakers ball point pen school bus pass
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27. Which of the following statements is correct?Total revenue is simply price multiplied by the fixed cost that the firm decides to
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    2. asked by Dontillia
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28. Which of the following statements is correct?Diseconomies of scale can occur because of the difficulties in managing large
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    2. asked by Dontillia
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29. The long-run average total cost curve __________.graphically demonstrates the relationship between marginal cost and the level
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    2. asked by Dontillia
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30. ________ is a useful measure of worker productivity.Marginal Cost Maginal Revenue Average Product Total Product
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    2. asked by Dontillia
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31. Which of the following statements is correct?Diseconomies of scale will occur when a company experiences improved efficiency
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    2. asked by Dontillia
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32. Which of the following statements is correct?A perfectly competitive firm faces a perfectly elastic demand. Total revenue is
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    2. asked by Dontillia
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33. For a perfectly competitive firm, marginal revenue is equal tovariable cost TR x FC TR + VC the market price of the product
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    2. asked by Dontillia
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34. For a perfectly competitive firm, marginal revenue is equal to
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    2. asked by Dontillia
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35. Which of the following statements is correct?Improvements in technology increase worker productivity, holding other variables
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    2. asked by Dontillia
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36. Why are the average total cost (ATC) and average variable cost (AVC) curves graphically represented by U-shaped curves?As the
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    2. asked by Dontillia
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37. Why are the average total cost (ATC) and average variable cost (AVC) curves graphically represented by U-shaped curves?They
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    2. asked by Dontillia
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38. Which of the following formulas is correct?Marginal revenue = Δ TR + Δ Q Marginal cost = Δ TC / Δ Q Average revenue = Total
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    2. asked by Dontillia
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39. If the profit maximization assumption holds true, then __________.average costs, total costs, and marginal costs will be
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    2. asked by Dontillia
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40. Which of the following may help explain why a firm is experiencing increasing marginal returns?More efficient workers Poorly
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    2. asked by Dontillia
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41. Which of the following statements is true about the average product?It is defined as the additional output gained from hiring
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    2. asked by Dontillia
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42. Diminishing marginal returns __________.occur when each additional worker hired is becoming more productive than the previous
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    2. asked by Dontillia
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43. Initially, the total product curve is
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    2. asked by Dontillia
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44. Which of the following statements is true about the average product?It cannot be represented graphically. It is not subject to
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    2. asked by Dontillia
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45. Which of the following causes a kinked demand curve?The oligopolist believes that competitors will match price cuts, but not
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    2. asked by Dontillia
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46. How is opportunity cost measured
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47. The 45-degree line on a graph relating consumption and income shows:all points where the MPC is constant. all the points at
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    2. asked by pule
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48. Choose the statement that correctly describes elasticity of supply for firms over the short or long run.(1 point) Responses over
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    2. asked by lol
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49. An increase or decrease in which of the following factors would cause a shift in the demand curve for a given good? Select TWO
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    2. asked by lol
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50. Use the image to answer the question.What is the elasticity of demand for peanut butter when the price changes from $2.00 to
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    2. asked by lol
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51. In the circular flow diagram with government, what does the government receive from factor markets?(1 point)Responses goods and
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    2. asked by lol
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52. n the circular flow diagram, what do households receive from factor markets?(1 point)Responses Factors of production Factors of
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    2. asked by lol
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53. In the circular flow diagram, what do firms receive from product markets? A. goods and services B. factors of production C.
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54. Use the table to answer the question.Number of Workers Output Total Cost ($) Total Revenue ($) 1 40,000 50,000 400,000 2 48,000
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    2. asked by SS
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55. What is transaction costs
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56. What is the law of supply?(1 point) Responses When higher prices encourage buyers to look for a substitute. When higher prices
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    2. asked by connexus
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57. True or False: According to the law of demand, higher prices encourage buyers to look for a substitute.(1 point) Responses True
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    2. asked by connexus
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58. Use the image to answer the question.A demand curve is graphed. A line graph is titled Demand for Peanut Butter. The horizontal
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59. As the price of a good or service increases, consumers will purchase a lower quantity of that good or service due, in part, to
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60. Which of the following describes the substitution effect?(1 point)Responses As wages increase, an individual's total potential
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61. The demand curve faced by firms in a perfectly competitive market is horizontal to reflect the fact that _____.individual firms
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62. Which of the following describes the substitution effect?(1 point)Responses As wages increase, an individual's total potential
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63. For the average total cost curve of a firm with economies of scale, what happens to costs as output increases?Costs initially go
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64. For the average total cost curve of a firm without economies of scale, what happens to costs as output increases?Costs go down.
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65. Choose the best answer.If supply of a product goes up, what happens to demand and price? demand goes down, price goes down
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66. The firm's minimum efficient scale occursA. when diseconomies of scale are falling. O B. when constant returns to scale end and
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67. An increase in the price of a good willa. decrease demand. b. decrease quantity demanded. c. increase demand. d. increase
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    2. asked by unknown 2.0
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68. Refer to Figure 2-6. Consider the production possibilities frontier for an economy that produces only sofas and cars. The
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    2. asked by unknown 2.0
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69. he simple circular-flow diagram, which of the following is not true.a. Firms own the factors of production. b. Land, labor, and
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    2. asked by unknown 2.0
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70. Microeconomics is the study of the economy as a whole such as inflation and unemployment. True or false
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71. As the price of a good or service increases, consumers will purchase a lower quantity of that good or service. This is
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72. Refer to the image to answer the following question:Circular Flow Diagram In the diagram, what is the incentive for entrepreneur
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73. In the circular flow diagram, what do households receive from product markets?(1 point)Responses income income goods and
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74. What is the elasticity of demand for peanut butter when the price changes from $2.00 to $0.40 as shown by this supply and demand
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75. Which of the following terms describes the gap between limited resources and theoretically limitless wants?(1 point)Responses
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76. Choose the statement that correctly describes elasticity of supply for firms over the short run or long run.Graph on the Left.
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77. An increase or decrease in which of the following factors would cause a shift in the demand curve for a given good? Select the
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78. Use the image to answer the question.A demand curve is graphed. A line graph is titled Demand for Peanut Butter. The horizontal
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79. The law of supply states that as price increases, ceteris paribus, _____.(1 point)Responses quantity supplied increases quantity
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80. The law of demand states that as the price of a particular good or service increases, _____.(1 point)Responses demand decreases
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81. In a hypothetical country, the population is expected to increase by 25% following recent legislation relaxing the barriers that
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    2. asked by lol
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82. Choose the statement that correctly describes elasticity of supply for firms over the short run or long run.Graph on the Left.
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83. The law of supply states that as price increases, ceteris paribus, _____.(1 point)Responses quantity supplied increases quantity
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    2. asked by hi
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84. Which of the following does NOT shift the supply curve?A change in technology. A change in consumer expectations. A change in
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    2. asked by Dontillia
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85. The law of demand is illustrated when:Higher oil prices encourage companies to drill for more oil. Higher taxes encourage
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    2. asked by Dontillia
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86. Price elasticity measures which of the following?The responsiveness of a change in quality in relation to a change in quantity.
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    2. asked by Dontillia
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87. The demand curve has a __________, because quantity demanded ___________ as price decreases.Positive slope; increases Negative
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    2. asked by Dontillia
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88. Where the supply and demand curves meet is called the __________.
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    2. asked by Dontillia
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89. The additional income from selling one more unit of a good, sometimes equal to price, is _____.marginal revenue the marginal
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90. What does unitary elastic demand mean?The elasticity of demand is different at each unit on the price range. The demand is
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91. As the price of a slice of pizza increases, what most likely happens to the quantity demanded?There isn’t enough information
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92. A demand curve is an accurate tool for predicting the decisions of consumers as long as what condition exists?There are no
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93. What is represented by a shift to the right in a demand curve?decrease in income decrease in demand increase in demand increase
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94. What are the movements along and shift in the A curve
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95. What is the movement along and shifts in the D curve
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96. What are the determinants of demand
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97. What is the demand curve
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98. Which of the following satisfy the law of supply? Select the two correct answers.(1 point)Responses A decrease in price is
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99. In a hypothetical country, the population is expected to increase by 25% following recent legislation relaxing the barriers that
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    2. 16 views
100. An increase or decrease in which of the following factors would cause a shift in the demand curve for a given good? Select the
     1. 1 answer
     2. 20 views