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11/10/2026

What is producer surplus?
A) The difference between the price received and the minimum price a producer is willing to accept
B) Total consumer spending
C) Total fixed cost
D) Total market demand

10/10/2026

What is an oligopoly?
A) A market with one seller
B) A market with many small sellers
C) A market dominated by a few large sellers
D) A market with no sellers

09/10/2026

What is Break-Even Point?
A. Total Revenue is greater than Total Cost
B. Total Cost is greater than Total Revenue
C. Total Revenue equals Total Cost
D. Fixed Cost equals zero

09/10/2026

What is a Loss in Economics?
A. Total Revenue is greater than Total Cost
B. Total Revenue equals Total Cost
C. Total Cost is greater than Total Revenue
D. Total Revenue is zero in every case

08/10/2026

What is Average Revenue (AR)?
A. Total Revenue ÷ Quantity sold
B. Total Cost ÷ Quantity produced
C. Profit ÷ Quantity sold
D. Fixed Cost ÷ Quantity

07/10/2026

What is Marginal Cost (MC)?
A. Total cost of all units
B. Additional cost of producing one more unit
C. Average cost per unit
D. Fixed cost of production

07/10/2026

What is Variable Cost?
A. A cost that never changes
B. A cost that changes with the level of output
C. Factory rent
D. Insurance cost only

05/10/2026

What is a Fixed Cost?
A. A cost that changes with output
B. A cost that remains unchanged when output changes in the short run
C. Cost of raw materials only
D. Cost of selling products

04/10/2026

What is a Surplus?
A. Qd > Qs
B. Qd = Qs
C. Qs > Qd
D. No supply

03/10/2026

What is Equilibrium Price?
A. The price at which demand is greater than supply
B. The price at which supply is greater than demand
C. The price at which quantity demanded equals quantity supplied
D. The highest possible price

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