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Product code:-Microeconomics-Quiz426

1Q-A fall in the price of a good has two effects:

2Q-What is substitution effect?

3Q-Explain the term income effect.?

4Q-Ap is__________

5Q-MP +qI1 is_______________

6Q-Marginal returns (MR)__________________

7Q-Marginal cost (MC)________________

8Q-Technology is______________

9Q-Efficiency is________________

10Q-Input flexibility is_________________

11Q-Accounting cost is_______________

12Q-Economic cost is______________

13Q-opportunity cost is____________

14Q-sunk cost is_______________

15Q-Diminishing marginal returns means___________

16Q-why does a profit function not start in its origin ?

17Q-p > ATC is___________

18Q-p < ATC is____________

19Q-AVC (y) < p < AC (y) is___________

20Q-AVC > p is_______________

21Q-Supply firms short run is________________

22Q-If R = wL + rK, is________________

23Q-If R <wL + rK, is____________

24Q-If R> wL + rK, is_____________

25Q-P = LAC (long-run average cost)is________

26Q-Market equilibrium price at____________

27Q-welfare effects_____________



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1Q-A fall in the price of a good has two effects: 1A-substitution effect, income effect 2Q-What is substitution effect? 2A-Change in consumption of a good associated with a change in its price, with the level of utility held constant.

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