ECON 213 Principles of Microeconomics Finals Exam (Qns & Ans) 2026

ECON 213 Principles of Microeconomics Finals Exam (Qns & Ans) 2026
1. Which of the following best describes the concept of price
elasticity of demand?
 a) The responsiveness of supply to changes in price
 b) The responsiveness of demand to changes in price
 c) The responsiveness of demand to changes in income
 d) The responsiveness of supply to changes in income
 Correct ANS: b
 Rationale: Price elasticity of demand measures how the
quantity demanded of a good responds to a change in its price.
2. If a firm is operating in a perfectly competitive market, which
of the following is true regarding its demand curve?
 a) The demand curve is downward sloping.
 b) The demand curve is perfectly elastic.
 c) The demand curve is perfectly inelastic.
 d) The demand curve is upward sloping.
 Correct ANS: b
 Rationale: In perfect competition, firms are price takers,
meaning they can sell any quantity at the market price; hence,
their demand curve is perfectly elastic.

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