VWO / HAVO Centraal Examen (Netherlands) · Economics

Microeconomics: Markets, Elasticity and Consumer Choice

11 practice questions, each with the answer and an explanation.

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Random questions from this topic, one at a time. You see the answer and the explanation straight after each one.

All 11 questions

  1. What does a price elasticity of demand () equal to indicate about consumer responsiveness to a price change?
  2. What happens to the total revenue of a firm when it increases the selling price of a product with price-inelastic demand ()?
  3. Which market structure is characterized by many sellers offering differentiated products with low barriers to entry and non-price competition?
  4. What is the cross-price elasticity of demand () between two goods that are substitutes, such as butter and margarine?
  5. What is the profit-maximizing output condition for a firm operating under perfect competition?
  6. What is the economic definition of consumer surplus (consumentensurplus)?
  7. What economic consequence typically arises when a government imposes an effective binding price ceiling (maximumprijs) below the market equilibrium price?
  8. What defines an inferior good (inferieur goed) in consumer demand theory?
  9. What is the deadweight loss (harberger-driehoek / welvaartsverlies) caused by an indirect per-unit excise tax (accijns)?
  10. What happens to the supply curve of a manufactured product when technological innovation lowers production costs across an entire industry?
  11. Under what condition does a natural monopoly (natuurlijk monopolie) typically develop in an industry?

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