Practice Quiz

CLEP Microeconomics Exam Prep - Question List

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21. What is the first determinant of supply?
  1. Technology
  2. Expectations of suppliers
  3. Input prices
  4. Elasticity
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22. When looking at the determinants of demand, a(n) ________ in demand causes the curve to shift to the right, while a(n) _________ in demand causes the curve to shift to the left.
  1. Decrease; increase
  2. Increase; decrease
  3. Consumer shift; supplier shift
  4. None of the above
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23. What term refers to the contribution that using one more unit of a particular factor makes to a business’s bottom line?
  1. Marginal utility
  2. Marginal derived demand
  3. Marginal revenue product
  4. Resource quantity
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24. Which of the following is the study of how groups and people tend to behave in strategic situations?
  1. Monopolistic competition
  2. Game theory
  3. Collusion
  4. Perfect competition
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25. What occur when the long-run average cost increases as output increases?
  1. Economies of scale
  2. Diseconomies of scale
  3. Constant returns to scale
  4. Implicit costs
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