vu eco402 Final Term - Quiz No.8
vu eco402 Microeconomics Quiz
This quiz belongs to book/course code vu eco402 Microeconomics of vu organization. We have 8 quizzes available related to the book/course Microeconomics. This quiz has a total of 3 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: Producer surplus in a perfectly competitive industry is:
The difference between profit at the profit-maximizing and profit-minimizing level of output
The difference between revenue and total cost.
The difference between revenue and variable cost.
The difference between revenue and fixed cost.
Question 2: A decrease in demand will
reduce supply.?
increase the quantity traded in the market.
cause higher prices, although quantity traded in the market will decline.
lead to a reduction in the quantity supplied.
Question 3: The long run is a time period of sufficient length to enable
producers to alter their use of fixed capital (the size of their plant and equipment).
producers to alter their output by utilizing labor and raw materials more intensively.
decision makers to adjust fully to a change in market conditions.
producers to alter their use of fixed capital (the size of their plant and equipment). and decision makers to adjust fully to a change in market conditions.