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Microeconomics Questions and Answers (Q&A)

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

1183 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

1143 views
Y. Dawne, Content Blogger
Answered: Feb 07, 2019
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 get something for anything. The phrase is also...Read More

2 Answers

1045 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

3 Answers

1016 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

869 views
N. Kingsley, Writer
Answered: Feb 20, 2019
If a production exhibits diminishing marginal product, the slope of the corresponding total – cost curve will become steeper as the number of output increases. The law of dimini...Read More

2 Answers

838 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

827 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

797 views
B.Lisa
Answered: Feb 26, 2018
Input costs can include materials, labor, fees, and other expenses. Output is the finished product. MC stands for marginal costs. If a company is spending more on their input costs, such as...Read More

3 Answers

730 views
John Smith
Answered: Dec 05, 2022
C.costs to go up less than double as output doubles.

1 Answer

713 views
H. Martin, Content Writer
Answered: Sep 20, 2018
The slope of the indifference curve is known to be the marginal value. The marginal rate of substitution is usually done when the value of y is given up in order to improve the value of x. This...Read More

3 Answers

701 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

645 views
Economist
Answered: Mar 09, 2021
As we know that, the law of demand states the -ve relationship between the price and quantity of demand and, I can't say when the price of goods is decreased, so the smaller quantities of demand...Read More

4 Answers

641 views
John Smith
Answered: Dec 05, 2022
Decreases the quantity demanded for that good

1 Answer

589 views
John Adney
Answered: Oct 12, 2017

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

2 Answers

581 views

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