Home > CLEP > Quizzes > CLEP Microeconomics
CLEP Microeconomics
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 59% • Most missed: “The impact of price changes on the quantity demand of a good or service by gaugi…”
CLEP Microeconomics
Time left 00:00
25 Questions

1. A change in supply that is shown by drawing a new supply curve

2. Factors other than price that determine the quantities supplied of a good or service.

3. Average Total Cost

4. Total Fixed Cost

5. A movement along the demand curve that occurs in response to a change in price

6. The price that balances quantity supplied and quantity demanded

7. A movement along the supply curve that occurs in response to a change in price

8. Describes demand that is not very sensitive to a change in price

9. Factors other than price that determine the quantities demanded of a good or service

10. Total Variable Cost

11. Measures the relationship between change in quantity supplied and a change in price.

12. To produce more of one good - a successively larger amount of the other good must be sacrificed

13. An alternative that we sacrifice when we make a decision

14. As supply increases - prices go down; as supply decreases - prices go up.

15. (Production Possibilities Frontier) A graph that shows the possibilities of combinations of goods and services

16. As demand increases - prices go up; as demand decreases - prices go down.

17. A change in demand that is show by drawing a new demand curve

18. The impact of price changes on the quantity demand of a good or service by gauging the effect on the total revenue the firm will generate

19. A situation in which quantity supplied is greater than quantity demanded

20. A cost that requires an outlay of money.

21. A situation in which quantity demanded is greater than quantity supplied

22. Those things which make our lives more comfortable but are not needed for survival

23. Describes demand that is very sensitive to a change in price

24. The decision to buy one thing instead of another.

25. A legal minimum on the price at which a good can be sold

⚡ Recently practiced quizzes in this topic
Live quiz activity
CLEP Human Growth and Development Exam Practice Test Western Civilization I Sociology Test CLEP Sociology CLEP Analyzing And Interpreting Literature CLEP Chemistry: Structure Of Matter Chemistry Test CLEP Introductory Business Law Principles of Management History of the United States I: Early Colonizations to 1877
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.