Microeconomics Basics

Froggy Jumps

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Core micro concepts

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Vinuya Khiyn Josh

Philippines

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Microeconomics Basics


Froggy Jumps Microeconomics BasicsVersion en ligne Core micro concepts par Vinuya Khiyn Josh 1 What does microeconomics primarily study? a Individual markets and decision-making by households and firms b Global economic trends c Government budgetary values 2 Which law explains how price changes affect quantity demanded? a Law of Supply b Law of Demand c Gresham's Law 3 What is the term for the extra satisfaction from consuming one more unit? a Average Utility b Marginal Utility c Total Utility 4 What happens when price increases for a good with elastic demand? a Quantity demanded rises b Quantity demanded falls substantially c Total revenue stays the same 5 Which concept measures responsiveness of supply to price changes? a Income elasticity b Price elasticity of demand c Price elasticity of supply 6 What is opportunity cost? a Value of the next best alternative forgone b sunk cost c Actual monetary cost only 7 Which market structure features many buyers and sellers and free entry? a Oligopoly b Monopolistic competition c Perfect competition 8 What is a price ceiling? a Equilibrium price at market b Maximum legal price set below equilibrium c Minimum legal price set above equilibrium 9 Which term describes total cost minus total revenue? a Net worth b Loss or profit c Marginal cost 10 What causes a shift of the supply curve? a Non-price factors like technology, costs, expectations b People moving to another country c Only price changes

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Microeconomics Basics

Froggy Jumps

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Froggy Jumps

Microeconomics BasicsVersion en ligne

par Vinuya Khiyn Josh

What does microeconomics primarily study?

Which law explains how price changes affect quantity demanded?

What is the term for the extra satisfaction from consuming one more unit?

What happens when price increases for a good with elastic demand?

Which concept measures responsiveness of supply to price changes?

What is opportunity cost?

Which market structure features many buyers and sellers and free entry?

What is a price ceiling?

Which term describes total cost minus total revenue?

What causes a shift of the supply curve?