2016: Esteban Vi
Quiz by , created more than 1 year ago

AP Microeconomics, 10 questions.

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2016: Esteban Vi
Created by 2016: Esteban Vi almost 9 years ago
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AP Microeconomics - 10 Questions

Question 1 of 10

1

A firm in perfect competition has zero power.

Select one of the following:

  • True
  • False

Explanation

Question 2 of 10

1

In perfect competition, there are no barriers of entry and exit.

Select one of the following:

  • True
  • False

Explanation

Question 3 of 10

1

Is money an example of perfect competition?

Select one of the following:

  • True
  • False

Explanation

Question 4 of 10

1

Fill the blank spaces to complete the text.

The supplier will cut back on production if is greater than .

Explanation

Question 5 of 10

1

Fill the blank spaces to complete the text.

The marginal cost curve is the firm's supply curve above the point where exceeds .

Explanation

Question 6 of 10

1

Profit maximization (Formula)

Select one of the following:

  • MC=AC

  • MC=AR

  • MC=MR

Explanation

Question 7 of 10

1

Productive efficiency (Formula)

Select one of the following:

  • MC=AR

  • MC=MR

  • MC=AC

Explanation

Question 8 of 10

1

Allocative efficiency (Formula)

Select one of the following:

  • MC=AR

  • MC=AC

  • MC=MR

Explanation

Question 9 of 10

1

Normal profit is minimum profit that allow current profits to stay in use.

Select one of the following:

  • True
  • False

Explanation

Question 10 of 10

1

Is lack of motivation one of the reason for diseconomies of scale?

Select one of the following:

  • Yes

  • No

Explanation

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