Microeconomics practice questions all chapters

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Question
Define opportunity cost.
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Question
At what level of production is total cost equal to total fixed cost
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Explain the central problem of ''What is produced and in what quantities''
Question
In what circumstances may the production possibility frontier shift away from the origin ? Explain 

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Question
A consumer buy 200 units of a good at a price of Rs 20 per unit. Price elasticity of demand is (-)2. At what price will he be willing to purchase 300 units? Calculate
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Question
Define marginal rate of substitution. 
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Question
Explain the assumptions of producer's equilibrium under perfect completition.
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Question
Explain the implications of ''freedom of entry and exit of firms'' under perfect competition
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Question
Draw Variable Cost (AVC), Fixed cost (FC), Total Cost (ATC) and Marginal Cost (MC) curves in a single diagram. State the relation between MC curve and TC curve.
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Question
Define price floor. Explain the impications of price floor 
OR 
Market of a good is in equilibrium. Demand for the good 'decreases'. Explain the chain of effects of this change
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