Microeconomics Mock Questions

For any particular good, an increase in the price of a complement would most likely
result in?

Consider the following statements:
Statement I: If close substitutes are easily available for a particular good, the price
elasticity of demand for that good cannot be identified.
Statement II: If a relatively large proportion of a person’s income is spent on a
particular good, the price elasticity of demand for that good is most likely
relatively high.
Which of the following is true?

Consider the following statements:
Statement I: If the price elasticity of demand for a good equals -1.25, an increase in
price will result in a decrease in total revenue.
Statement II: If a decrease in price leads to a decrease in total revenue, demand for
the good is price elastic.
Which of the following is true?

When a rent ceiling (maximum price) is imposed below the equilibrium market
price, which of the following is most likely?

Which of the following is least likely regarding indifference curves?

Robert’s MRSxy is given by 2.5. If Good Y is on the y axis and Good X is on the x axis,
the slope of the indifference curve is closest to?

This question addresses the budget constraint: The amount of Good A that a
consumer would have to give up in order to consume 1 more unit of Good B is given
by:

For any particular good, an decrease in the price of a complement would most likely result in?