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give me MCQ Answer just. No need explain. 1. Microeconomics a. is the study of the market system on a large scale b. is the

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give me MCQ Answer just. No need explain.

image text in transcribed
1. Microeconomics a. is the study of the market system on a large scale b. is the study of the market system on a small scale c. is not a major branch of economics d. None of the above 2. Ceteris Paribus assumption means a. Nothing is held constant b. All else held constant c. Both are correct d. None of the above 3. The determinants of price elasticity of supply are a. Ability of the supplier c. both a and b b. Time Period d. none of the above 4. When the market price is below the equilibrium price, which occurs? a. A situation in which quantity supplied is greater than quantity demanded b. A situation in which quantity demanded is greater than quantity supplied c. A situation where the quantity supply is equal to quantity demand d. None of the above 5. Which of the following is a positive statement a. Price of food items is too high b. Price of food items is too low C. Increase in price of food items decreases quantity demanded d. None of the above 6. For inelastic demand, a change in price results a. Equal proportional change in quantity b. Smaller proportional change in quantity c. Larger proportional change in quantity d. None of the above 7. If the income elasticity of demand is positive, the good is a/an a. A necessity only c. an inferior good b. A luxury only d. a normal good 8. Opportunity cost is a. That which we forgo, or give up, when we make a choice or a decision. b. Fixed Cost and Variable Cost c. The additional cost of producing an additional unit of output. d. The additional cost of buying an additional unit of a product. 9. Other things equal, when the price of a good increases, we would expect a. Demand to increases. b. Demand to decrease. c. Supply to increase. d. Quantity supplied to increase 10. If the cross price elasticity of demand is zero, the goods are a. substitutes c. both a and b b. complements d. not related

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