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Microeconomics Questions and Answers (Q&A)

Y. Dawne, Content Blogger
Answered: Feb 07, 2019
The correct answer to this question is A. The economic theory, and also the lay opinion, that whatever goods and services are provided, they must be paid for by someone - that is, you don't...Read More

2 Answers

731 views
Venuste
Answered: Feb 07, 2019
The decrease in price for coffee (a substitute for tea) will make consumers demand more coffee than tea. Remember that demand curve runs from the top left corner to the bottom right corner and...Read More

4 Answers

717 views
C. Hughes, Musician
Answered: Sep 25, 2020
Price elasticity refers to the extent of change in consumer's demand for slight differences in prices of goods; on a normal day, demand increases when price reduces, and it reduces when the price...Read More

2 Answers

695 views
C.Dorothy
Answered: Feb 28, 2018
A lot can be learned from the world of microeconomics. For instance a knowledge of microeconomics will help to answer certain economic questions like: Which of the following shifts the demand for...Read More

2 Answers

623 views
C. Marcus, Content Developer
Answered: Aug 23, 2018
The optimum combination is also called the least cost combination. It is the number of factors that is used by companies to produce a specific product at the least possible price. It is the...Read More

2 Answers

615 views
Hanneke , Teacher
Answered: Jun 04, 2020
There is a surplus and the price will fall. Equilibrium price means a balanced price of goods, where the price favors both the producer and the consumer. When the price of a commodity goes...Read More

3 Answers

582 views
John Smith
Answered: Sep 27, 2020
C.costs to go up less than double as output doubles.

1 Answer

559 views
John Adney
Answered: Oct 12, 2017

I object to this unfair and immoral question. It goes against my beliefs.

2 Answers

519 views
John Smith
Answered: Sep 27, 2020
There are no close substitutes for the product being produced.

1 Answer

510 views
E.Ronald
Answered: Jan 03, 2018
Capital is defined as the money it takes to make a business run. In order to maintain a business, capital is needed to pay for the supplies, labor and materials needed to run the business. In...Read More

2 Answers

501 views
L. Sevigny, Doctor
Answered: Feb 21, 2019
The answer to this is C. This will show that the scales will be improved to all output levels. It has always been said that agriculture can be a good source of income not only for farmers but...Read More

2 Answers

486 views
N. Kingsley, Writer
Answered: Jul 11, 2018
A buyer would be willing to pay is measured in the maximum’s amount he is willing to pay for a good. Usually, products tend to be more expensive if high-quality materials were used just to...Read More

3 Answers

478 views
John Smith
Answered: Sep 27, 2020
Decreases the quantity demanded for that good

1 Answer

472 views
John Smith
Answered: Sep 27, 2020
Downward shifts of MC and increases in output

1 Answer

466 views
John Smith
Answered: Sep 27, 2020
An increase in the price of watches

1 Answer

461 views

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