Unit 2: Microeconomics
Topic 2.4: Critique of the Maximizing Behaviour of Consumers and Producers Questions
Practice 20 exam-style questions for IB Economics Topic 2.4. Review the question stems below, then unlock the full Question Bank to access markschemes, model answers, and AI grading.
21 mark
Rational consumer behaviour assumes that consumers:
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Define fixed costs and give one example.
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Define fixed costs and give one example.
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Rational producer behaviour assumes that firms:
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Rational consumer behaviour assumes that consumers:
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Rational producer behaviour assumes that firms:
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The concept of marginal utility is important because:
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The assumption of rationality in economics implies that:
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Define the assumption of rational consumer behaviour in microeconomic models.
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Explain why diseconomies of scale may occur at high levels of output.
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Define profit and distinguish between normal profit and abnormal profit.
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Loss aversion (from prospect theory) suggests that:
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