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Basic Microeconomics Quiz

Microeconomics is dependent on the interaction between demand and supply. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. Production is the process of combining inputs to make something for consumption. Inputs are resources used to create goods and services. Output is the quantity produced in a specific time period. Opportunity cost is the alternative forgone in choosing one good over others. There is a point where the cost of producing an additional unit diminishes marginal returns. Implicit costs have already occurred but are not reported separately. Explicit costs appear in financial statements and determine profitability. Monopoly is a single seller in the market, which is the opposite of perfect competition.

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78 views1 page

Basic Microeconomics Quiz

Microeconomics is dependent on the interaction between demand and supply. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. Production is the process of combining inputs to make something for consumption. Inputs are resources used to create goods and services. Output is the quantity produced in a specific time period. Opportunity cost is the alternative forgone in choosing one good over others. There is a point where the cost of producing an additional unit diminishes marginal returns. Implicit costs have already occurred but are not reported separately. Explicit costs appear in financial statements and determine profitability. Monopoly is a single seller in the market, which is the opposite of perfect competition.

Uploaded by

Bryant Daniel Arguelles Gacus
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Republic of the Philippines Lianga Surigao del Sur, 8307

North Eastern Mindanao State University Website: www.sdssu.edu.ph

Formerly Surigao del Sur State University


LIANGA CAMPUS BASIC MICROECONOMICS
Lianga Surigao del Sur, 8307
III. Identification
Website: www.sdssu.edu.ph
11. _____________ is dependent on the interaction between demand and supply components of a market.
BASIC MICROECONOMICS 12. _____________ represent the willingness of consumers and producers to engage in buying and selling.
13. _____________ is the process of combining various material inputs and immaterial inputs in order to
I. Identification make something for consumption.
14. _____________ are any resources used to create goods and services.
1. _____________ is dependent on the interaction between demand and supply components of a market. 15. _____________ is a quantity of goods or services produced in a specific time period.
2. _____________ represent the willingness of consumers and producers to engage in buying and selling. 16. _____________ is the measure of the alternative opportunities foregone in the choice of one good or
3. _____________ is the process of combining various material inputs and immaterial inputs in order to activity over others.
make something for consumption. 17. _____________ states that there’s a point in the production cycle where the cost of producing an
4. _____________ are any resources used to create goods and services. additional unit diminishes the marginal returns that you’ll receive from it.
5. _____________ is a quantity of goods or services produced in a specific time period. 18. _____________ is any cost that has already occurred but not necessarily shown or reported as a separate
6. _____________ is the measure of the alternative opportunities foregone in the choice of one good or expense.
activity over others. 19. _____________ are tangible expenses that appear in a company's general ledger and are used to determine
7. _____________ states that there’s a point in the production cycle where the cost of producing an profitability.
additional unit diminishes the marginal returns that you’ll receive from it. 20. _____________ is a situation where there is a single seller in the market. In conventional economic
8. _____________ is any cost that has already occurred but not necessarily shown or reported as a separate analysis, the monopoly case is taken as the polar opposite of perfect competition.
expense.
9. _____________ are tangible expenses that appear in a company's general ledger and are used to determine
profitability.
10. _____________ is a situation where there is a single seller in the market. In conventional economic IV. Essay
analysis, the monopoly case is taken as the polar opposite of perfect competition.
5. What is the difference between implicit and explicit cost?
6. What is the difference between variable input and fixed input?
7. What is a price equilibrium?
II. Essay 8. Explain the illustration.

1. What is the difference between implicit and explicit cost? a. b.


2. What is the difference between variable input and fixed input?
3. What is a price equilibrium?
4. Explain the illustration.
a. b.

Republic of the Philippines


North Eastern Mindanao State University
Formerly Surigao del Sur State University
LIANGA CAMPUS

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