AP Econ Unit 3 practice multiple choice - Custom Scholars
Order Now
Home » Flash Cards » AP Econ Unit 3 practice multiple choice

AP Econ Unit 3 practice multiple choice

question
True statements about the theory of the firm in the short run and long run include which of the following?
answer
- all input quantities are variable in the long run
- at least one input quantity is fixed in the short run
question
which of the following statements about a firms production function are true?
answer
- When total product is at its maximum, marginal product is zero
-when marginal produc is greater that average produc is rising
-when marginal product is less than average product, average product is falling
question
for a perfectly competitive firm, if the market price is $8, then
answer
marginal revenue is equal to $8
question
a firms short-run marginal cost curve will eventually increase because of
answer
diminishing marginal returns
question
assume that in the short run ath the profit maximizing output, the price is lower than average variable cost. the perfectly competitive frim should
answer
shut down
question
assume that a perfectly competitive firm is operating where marginal revenue is greater htna marginal costs. to increase total profits, the firm should
answer
increase production
question
If the average variable cost of producing five units of a product is $100 and the average variable cost of producing six units is $125, then the marginal cost of producing the sixth unit is
answer
$250
question
Which of the following represents the correct relationship between the demand curve for a perfectly competitive industry and the demand curve for a perfectly competitive firm?
answer
PC industry demand is downward slope to the right, PC firm demand is perfectly elastic
question
which of the following is true of a pure monopolists demand curve?
answer
it lies above its marginal revenue curve
question
average fixed cost is shown as the vertical distance between
answer
average variable cost and average total cost
1 of 10
question
True statements about the theory of the firm in the short run and long run include which of the following?
answer
- all input quantities are variable in the long run
- at least one input quantity is fixed in the short run
question
which of the following statements about a firms production function are true?
answer
- When total product is at its maximum, marginal product is zero
-when marginal produc is greater that average produc is rising
-when marginal product is less than average product, average product is falling
question
for a perfectly competitive firm, if the market price is $8, then
answer
marginal revenue is equal to $8
question
a firms short-run marginal cost curve will eventually increase because of
answer
diminishing marginal returns
question
assume that in the short run ath the profit maximizing output, the price is lower than average variable cost. the perfectly competitive frim should
answer
shut down
question
assume that a perfectly competitive firm is operating where marginal revenue is greater htna marginal costs. to increase total profits, the firm should
answer
increase production
question
If the average variable cost of producing five units of a product is $100 and the average variable cost of producing six units is $125, then the marginal cost of producing the sixth unit is
answer
$250
question
Which of the following represents the correct relationship between the demand curve for a perfectly competitive industry and the demand curve for a perfectly competitive firm?
answer
PC industry demand is downward slope to the right, PC firm demand is perfectly elastic
question
which of the following is true of a pure monopolists demand curve?
answer
it lies above its marginal revenue curve
question
average fixed cost is shown as the vertical distance between
answer
average variable cost and average total cost
Continue to order Get a quote

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code BEGOOD

Order Now
seoartvin escortizmir escortelazığ escortbacklink satışbacklink saleseskişehir oto kurtarıcıeskişehir oto kurtarıcıoto çekicibacklink satışbacklink satışıbacklink satışbacklink