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Next page. Microeconomics Question and Answer. ap microeconomics – students – ap courses – the college board. Microeconomics MCQ Questions and Answers Quiz. Choose the false statement: in general, the demand for necessity goods is less elastic than demand for luxury goods. These exams are from Professor William Wheaton's course site, 14.01 Principles of Microeconomics, Fall 2007, and are used with permission. If the demand for this product increases: A. the equilibrium price and quantity will increase; B. the equilibrium price and quantity will decrease; C. the equilibrium quantity will increase but the price will not change; D. the equilibrium price will increase but the quantity will not change. Answers have been provided for all quantitative Test . 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