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Microeconomics Questions

Practice 35 Microeconomics questions with detailed answers and explanations. Free MCQs, PYQs, and mock test questions for NEET, JEE, GATE, SSC and more.

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Easy
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35
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Hard
Practice by Exam:Economics(30)General Knowledge(2)General Awareness(1)Economics@NUM: 34(1)General Knowledge and General Awareness(1)

About Microeconomics — practice questions, PYQs & concepts

Microeconomics is a frequently-tested topic on Economics, General Knowledge, General Awareness. ExamTest.live currently lists 35 Microeconomics questions spanning previous-year papers from 2026 to 2026, each with worked solutions and a step-by-step explanation. Use the filters on this page to focus on a specific exam, difficulty level or year — every answer key is free, no sign-up required.

Microeconomics weight in competitive exams

Across our Microeconomics question bank, the largest sources are Economics (30), General Knowledge (2), General Awareness (1), Economics@NUM: 34 (1) and General Knowledge and General Awareness (1). Click any exam chip above to drill down to that exam-specific question set.

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All Microeconomics Questions(1–35 of 35)

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Q1mediummcqGeneral KnowledgeStaff Selection Commission2026
0% accuracy
Match the characteristics with their market structure:
(a) MR = MP
(b) Elasticity of demand depends on pricing policies of rivals
Q2mediummcqGeneral KnowledgeStaff Selection Commission2026
20% accuracy
If demand curve for an electric tooth brush is D=25000−7P and supply curve is S=10000+8P, find the equilibrium Price?
Q3mediummcqEconomicsSSC CGL2026
67% accuracy
If demand curve for roller skates is D=23000−19P and supply curve is S=18000+6P, find the equilibrium Price?
Q4mediummcqEconomicsSSC CGL2026
33% accuracy
Match the characteristics with their market structure:
(a) Expand output until MC=MR
(b) Elasticity of demand depends on pricing policies of rivals
Q5mediummcqEconomicsSSC CGL2026
50% accuracy
If price of an article decreases from Rs 600 to Rs 500, when quantity demanded increases from 10000 units to 12000 units. Find point elasticity of demand?
Q6mediummcqEconomicsSSC CGL2026
0% accuracy
The market for sugar is in equilibrium. If the supply of sugar increases, the equilibrium price of sugar will ________ and the equilibrium quantity will ________.
Q7mediummcqEconomicsSSC General Awareness2026
0% accuracy
If price of an article decreases from Rs to Rs , quantity demanded increases from units to units. If point elasticity of demand is , then find ?
Q8mediummcqEconomicsSSC CGL2026
0% accuracy
If demand curve for house cleaning services is D=45000−21P and supply curve is S=15000+9P, find the equilibrium Quantity?
Q9mediummcqEconomicsSSC CGL2026
0% accuracy
Goods whose demand is proportional to price are called
Q10mediummcqEconomicsSSC CGL2026
100% accuracy
An increase in price will_________.
Q11mediummcqEconomicsSSC CGL2026
0% accuracy
If price of an article decreases from Rs P
1
​
to Rs 240, when quantity demanded increases from 8000 units to 8400 units, and if point elasticity of demand is −1.25 find P
1
​
?
Q12mediummcqEconomicsSSC CGL2026
0% accuracy
If price of an article decreases from Rs 240 to Rs 220, when quantity demanded increases from 200 units to 210 units. Find point elasticity of demand?
Q13mediummcqEconomicsSSC CGL2026
0% accuracy
Match the characteristics with their market structure:(a) Firm has control over quantity of output but it must take into account reactions of competitors.(b) Firm will tend to set output so that it earns maximum profits.
Q14mediummcqEconomicsSSC CGL2026
0% accuracy
If a perfectly competitive firm can increase its profits by increasing its output, then that firm's product's __________.
Q15mediummcqEconomicsSSC CGL2026
100% accuracy
If one more baker is hired the output of a bakery will increase from 1250 breads to 1400 breads per day, but then the bakery will have to reduce the price of the bread from Rs 15 to Rs 14 per unit to sell the additional output, the marginal revenue product of the last baker is __________
Q16mediummcqEconomicsCompetitive Exam2026
0% accuracy
Which of the following will cause an increase in demand for a good?
Q17mediummcqEconomicsCompetitive Exam2026
0% accuracy
If for a perfectly competitive firm, price is Rs. 60, output is 300 units, average variable costs are Rs. 18, and average total costs are Rs. 36. The firm's profits are equal to ______.
Q18mediummcqEconomicsCompetitive Exam2026
0% accuracy
Which of the following will cause an increase in demand for a good?
Q19mediummcqEconomicsCompetitive Exams2026
Match the characteristics with their market structure:
(a) A single, homogeneous product with no close substitutes
(b) Few sellers with interdependent pricing and quantity decision
Q20mediummcqEconomicsCompetitive Exam2026
If price of an article decreases from Rs 800 to Rs 750, when quantity demanded increases from units to 2250 units, and if point elasticity of demand is find ?
Q21mediummcqEconomicsCompetitive Exam2026
Which of the following is false about minimum wages?
Q22mediummcqEconomicsSSC CGL2026
If price of an article decreases from Rs P
1
​
to Rs 190, when quantity demanded increases from 5000 units to 5200 units, and if point elasticity of demand is -0.8 find P
1
​
?
Q23mediummcqEconomicsSSC CGL2026
7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workers must be paid Rs 500. The marginal resource (labour) cost of the 8th worker is ________.
Q24mediummcqEconomicsStaff Selection Commission2026
In Economics, the term that is used to denote the net contribution made by a firm is called its:
Q25mediummcqEconomicsSSC CGL2026
In perfect competition a firm maximizes profit by ________.
Q26mediummcqGeneral AwarenessSSC CGL2026
If one more cobbler is hired the output of a shoe making unit will increase from 50 pairs of shoes to 55 pairs per day, but then the shoe making unit will have to reduce the price of a pair of shoes from Rs 3200 to Rs 3000 per pair to sell the additional output, the marginal revenue product of the last cobbler is
Q27mediummcqEconomicsGeneral Awareness2026
An increase in the price of tomatoes will cause _________.
Q28mediummcqEconomicsGeneral Awareness2026
Priya likes a wedding gown so much that she was willing to pay even Rs 30000 for it. Luckily she finds the same gown marked at Rs 25000 at a local store. The store is further offering a 30% discount on the gown. Priya's consumer surplus is
Q29mediummcqEconomics@NUM: 34SSC CGL2026
A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hired then all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is ________.
Q30mediummcqEconomicsStaff Selection Commission2026
For each perfectly competitive firm in the long run
Q31mediummcqEconomicsStaff Selection Commission2026
If the price of an article decreases from Rs 100 to Rs 80, while the quantity demanded increases from Q
1
​
units to 4,600 units, and the point elasticity of demand is −0.75, find the value of Q
1
​
.
Q32mediummcqEconomicsIndian Competitive Exams2026
Match the characteristics with their market structure:
(a) Price > MC in both short and long run
(b) Faces highly elastic demand
Q33mediummcqEconomicsIndian Competitive Exams2026
If demand curve for alphonso mangoes is D=25000−70P and supply curve is S=10000+80P, find the equilibrium quantity?
Q34mediummcqEconomicsSSC CGL2026
Which of the following is a characteristic of pure monopoly?
Q35mediummcqGeneral Knowledge and General AwarenessSSC CPO 20242026
Which of the following statements is/are true about private goods?
I. Rivalrous in consumption
II. Non-excludability
III. Negative marginal cost

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How many Microeconomics questions are on ExamTest.live?▼
We have 35 Microeconomics questions spread across 1 pages, covering easy, medium, and hard difficulty levels with detailed explanations.
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Which exams include Microeconomics questions?▼
Microeconomics questions are commonly asked in Economics, General Knowledge, General Awareness, Economics@NUM: 34, General Knowledge and General Awareness. You can filter by exam using the links above.
How do I practice Microeconomics questions effectively?▼
Start with easy questions to build confidence, then tackle medium and hard ones. Use the filter buttons to sort by difficulty. Reveal the answer only after attempting each question, and read the explanation thoroughly.