Quiz: Micro Economics

Isoquants are concave to the origin. Isoquants are convex to the origin. Isoquants are L-shaped. Isoquants are straight lines.

Inductive method Comparative method Experimental method Deductive method

Analyzing historical sales data to predict future demand. Gathering expert opinions to estimate future sales. Collecting data directly from consumers about their future purchase plans. Using statistical models to forecast demand.

Selling price per unit minus variable cost per unit. Fixed cost per unit minus variable cost per unit. Total revenue divided by the number of units sold. Total sales minus total costs.

When the market price equals the intrinsic value of a good The balance between production costs and utility The point where the consumer maximizes total utility within their budget When a consumer's income is fully spent with no savings

Identical to a perfectly competitive firm's demand curve. Perfectly inelastic due to brand loyalty. More elastic because of product differentiation. Perfectly elastic because products are viewed as identical.

The demand curve is perfectly elastic at all points. The demand curve has uniform elasticity. The demand curve is more elastic above the current price than below it. The demand is perfectly inelastic at all points.

Forecasting based on the Delphi method. Forecasting using the trend method. Forecasting based on past sales data of the same product. Forecasting based on similar products or market analysis.

Forecasting future economic trends The conditions of an economy at a particular point in time Analyzing historical economic data The changes in an economy over time

The underlying patterns in past demand data over time. Expert predictions without historical data. Seasonal fluctuations only. Immediate changes in demand.