What is the meaning of price elasticity of supply?

how much quantity supplied changes because of a price change

What is A and B represented by?

factor market and product market

As the price of a good or service increases...

the quantity demanded decreases; quantity supplied increases

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Microeconomics

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A quiz testing a student's knowledge on microeconomis.

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Questions 15

Answers

1
Which of the following would a price floor create?
shortage
market equilibrium
surplus
decrease in prices
2
What is the meaning of price elasticity of supply?
how much supply changes because of a price change
how much quantity demanded changes because of a price change
how much demand changes because of a price change
how much quantity supplied changes because of a price change
3
Who came up with the "invisible hand" theory based on self-interest?
Milton Friedman
Karl Marx
Jean Baptiste Say
Adam Smith
4
Which of the following have no barriers to entry?
Monopolistic Competition
Oligopoly
Monopoly
Pure Competition
5
Which of the following does not cause a change in market demand?
Consumer tastes and preferences
Change in number of consumers
Technology
Change in price of complementary goods
6
What is an example of pure competition?
selling fruits and vegetables
fast food market
cell phone market
car market
7
Which of the following happens when the price of a good increases?
quantity demanded increases
quantity supply increases
demand increases
supply increases
8
What is A and B represented by?
businesses and household
factor market and households
factor market and product market
businesses and product market
9
Which one of these businesses is owned by stockholders?
Entrepreneurship
Sole Proprietorship
Corporation
Partnership
10
Which of the following is not a role of money?
Medium of Exchange
Ability to Pay
Store of Value
Unit of Account
11
Which of the following is an example of a price ceiling?
Minimum wage
Rent Control Laws
Farm Products
12
Which two things are compared on a demand graph?
demand and quantity demanded
quantity supplied and quantity demanded
price and quantity demanded
price and quantity supplied
13
When quantity demanded and quantity supplied are equal, this is called ________.
market equilibrium
price index
market economy
neutral point
14
What is C and D represented by?
businesses and product market
factor market and households
factor market and product market
businesses and households
15
As the price of a good or service increases...
the quantity demanded and the quantity supplied increase
the quantity demanded decreases; quantity supplied increases
the quantity demanded and the quantity supplied decrease
the quantity demanded increases; quantity supplied decreases

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