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Microeconomics Test Bank

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Microeconomics Test Bank contains 200 questions on Microeconomics: such as:- 1) When the market for a commodity is in equilibrium: A) no economic agent will want to change his or her behavior. B) t ... here will still be some unsold stock of the commodity. C) all buyers of the commodity will want to change their behavior. D) all sellers of the commodity will want to change their behavior. Answer: A Difficulty: Easy Topic: The Second Principle of Economics: Equilibrium 2) Which of the following is true of equilibrium? A) Equilibrium refers to a situation where the government allocates resources among economic agents. B) Equilibrium refers to a situation where all economic agents simultaneously optimize after considering each other's actions. C) Equilibrium refers to a situation where all economic agents are making sub-optimal choices and have an incentive to change behavior. D) Equilibrium refers to a situation where an economic agent can be made better off without making anyone else worse off. Answer: B Difficulty: Easy Topic: The Second Principle of Economics: Equilibrium and much more [Show More]

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