Miscellaneous Quiz / MicroeconomicsTest1

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Can you name the MicroeconomicsTest1?

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HintAnswer
A measure of the responsiveness of the quantity demanded to changes in price
A measure of responsiveness of the quantity supplied to changes in price
If producers are very responsive to changes in price, the increase in price caused by excess demand will cause a large reduction in the quantity demanded
The change in quantity consumed that is caused by a change in the relative price of the good, with real income held constant
Pick the combination of two activities where the marginal benefit per dollar for the first activity equals the marginal benefit per dollar for the first activity equals the margina
The price elasticity of supply equals zero
One unit of elasticity
The price elasticity is infinite
The line connecting the combination of two goods that exhaust a consumer's budget
The satisfaction of experiences from consuming a good
If consumers are very responsive to changes in price, the increase in price caused by excess demand will cause a large reduction in the quantity demanded
The money a firm generates from selling its product
The change in total utility from one additional unit of good
HintAnswer
If the income increases and is positive it is a what type of good
The price elasticity of demand is zero
If the shift of the demand curve is relatively small, the gap between the new demand and the old supply will be relatively small
The price elasticity of demand is greater than one
The price elasticity of demand is less than one
The change in quantity consumed that is caused by a change in real income, with relative prices held constant
A measure of the responsiveness of demand to changes in the price of another good
the price elasticity of demand is one
The set of affordable combinations of two goods
As the consumption of a particular good increases, marginal utility decreases
The price elasticity of supply is equal to infinity
A measure of the responsiveness to changes in consumer income
If the income increases and is negative it is a what type of good

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