Quiz: Micro Economics

A market with many small producers offering differentiated products. A market where all producers operate at the same efficiency level. A market with only one producer. A market structure dominated by a few large producers.

Marginal utility is unrelated to total utility. Satisfaction increases with every additional unit consumed. Marginal utility is constant regardless of consumption. Additional satisfaction decreases as more units are consumed.

By negotiating for fair wages and safe working conditions. By lobbying for reduced taxes for corporations. By solely focusing on increasing productivity. By advocating for deregulation of labor laws.

The average cost of all units produced in the long run. The fixed costs over time. The total cost divided by the quantity of output in the long run. The additional cost of producing one more unit of output in the long run.

It guarantees the lowest cost of forecasting. It makes the forecasting process quicker. It ensures that the forecasts are as close to the actual demand as possible. It simplifies the forecasting process.

The MRTS would increase. The MRTS would become zero. The MRTS would decrease. The MRTS would remain constant as one input is substituted for another.

The cost of raw materials. Consumer preferences and purchasing habits. The current stock prices of products. The location of suppliers.

Normal goods Complementary goods Giffen goods Inferior goods

Costs related to the production of goods. The price of goods sold. Expenses incurred to promote and advertise differentiated products. Taxes imposed on sold goods.

Government monopoly. Geographical monopoly. Natural monopoly. Technological monopoly.