AQA A-Level Economics 4.1 Microeconomics overview quiz quiz

A rise in the price of a good reduced its quantity demanded by 4%

The government should raise the minimum wage to reduce poverty

Unemployment rose to 5% last year

The minimum wage is currently set at a fixed hourly rate

Why the supply curve slopes upwards

Why fixed costs do not change with output

Why the demand curve slopes downwards

Why a monopoly earns supernormal profit

$-0.4$

$+2.5$

$-1.0$

$-2.5$

Total revenue rises

Total revenue falls

Total revenue is unchanged

Total revenue first rises then falls

Where average total cost reaches its minimum point on the cost curve

Where marginal cost equals marginal revenue

Where total sales revenue is at its highest level

Where the selling price is equal to average fixed cost

Supernormal profit

A loss

Normal profit only

Zero revenue

Marginal cost cuts average total cost at its highest point

Marginal cost is always above average total cost

Marginal cost and average total cost are always equal

Marginal cost cuts average total cost at its lowest point

Price stability in oligopoly

The shape of the long-run average cost curve

Why public goods are under-provided

How a minimum wage affects employment

It is rival and excludable

It is non-rival and non-excludable

It is over-consumed because of information failure

It is sold at a price above marginal cost

Marginal social benefit exceeds marginal private benefit

The market under-produces the good

Marginal social cost exceeds marginal private cost

There is no welfare loss

The firm must have some price-setting power

Consumers must have different price elasticities of demand

Resale between markets must be prevented

The product must be a pure public good

When government intervention leads to a net loss of economic welfare

When the free market, left alone, fails to allocate scarce resources efficiently

When a monopoly restricts output to raise its price

When quantity demanded exceeds quantity supplied at the ruling market price