Unit 3 AP Micro Econ

question

Based on the information in table 2-6, total cost of producing 5 units of output is:

answer

$305

question

Based on the information in table 2-6, marginal cost of producing the 4th unit of output is:

answer

$10

question

Based on the information in table 2-6, price of product of selling is:

answer

$100

question

Based on the information in table 2-6, average fixed cost of producing 5 units of output is:

answer

$200

question

Which set of cost curves in figure 7 from the attached reference sheet is correctly drawn?

answer

question

in the long run, a perfectly competitive market will earn:

answer

Normal profit

question

With perfect competition, efficiency is generally attained in:

answer

The long run, but not the short run

question

Compared to the short run industry supply curve, the long run industry supply curve will be more

answer

Elastic

question

Three basic forms of business organization are:

answer

Sole proprietorship, partnership, and corporations

question

If fixed costs for a firm operating under conditions of perfect competition increased, but not enough to lead the firm to shut down, how would that change in fixed cost affect output, profit and price of the firm?

answer

Increase total cost, decrease profit

question

Marginal cost is calculated by:

answer

Change in total cost/ change in quantity

question

Which of the following correctly ranks market structures from least to most competitive?

answer

Perfect competition, imperfect competition, oligopoly, pure monopoly

question

Which of the following is/are necessary for a firm to be able to engage in price discrimination?
1. Subdivide the Market
2. Prevent Resale
3. Monopoly Power

answer

2 & 3 only

question

Which of the following is true for both a perfect competitor & monopolistic competitor in long run equilibrium?

answer

Many firms in a single market. MR=MC

question

Which of the following is true if a monopolist is operating in the elastic portion of the demand curve?

answer

Increase in price will decrease total revenue

question

If government imposes lump sum tax on monopolist in the figure, what will be the effect on the profit maximizing level of output?

answer

Reduced excess profits of monopolist

question

Based on the information in graph 33, which of the following is correct:

answer

Graph A is market & Graph B is firm

1 of 17

question

Based on the information in table 2-6, total cost of producing 5 units of output is:

answer

$305

question

Based on the information in table 2-6, marginal cost of producing the 4th unit of output is:

answer

$10

question

Based on the information in table 2-6, price of product of selling is:

answer

$100

question

Based on the information in table 2-6, average fixed cost of producing 5 units of output is:

answer

$200

question

Which set of cost curves in figure 7 from the attached reference sheet is correctly drawn?

answer

question

in the long run, a perfectly competitive market will earn:

answer

Normal profit

question

With perfect competition, efficiency is generally attained in:

answer

The long run, but not the short run

question

Compared to the short run industry supply curve, the long run industry supply curve will be more

answer

Elastic

question

Three basic forms of business organization are:

answer

Sole proprietorship, partnership, and corporations

question

answer

Increase total cost, decrease profit

question

Marginal cost is calculated by:

answer

Change in total cost/ change in quantity

question

Which of the following correctly ranks market structures from least to most competitive?

answer

Perfect competition, imperfect competition, oligopoly, pure monopoly

question

Which of the following is/are necessary for a firm to be able to engage in price discrimination?
1. Subdivide the Market
2. Prevent Resale
3. Monopoly Power

answer

2 & 3 only

question

Which of the following is true for both a perfect competitor & monopolistic competitor in long run equilibrium?

answer

Many firms in a single market. MR=MC

question

Which of the following is true if a monopolist is operating in the elastic portion of the demand curve?

answer

Increase in price will decrease total revenue

question

If government imposes lump sum tax on monopolist in the figure, what will be the effect on the profit maximizing level of output?

answer

Reduced excess profits of monopolist

question

Based on the information in graph 33, which of the following is correct:

answer

Graph A is market & Graph B is firm

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Unit 3 AP Micro Econ

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