By Brian Reddington
Organized for simple reference and the most important perform, insurance of the entire crucial subject matters offered as 500 AP-style questions with distinct resolution explanations
5 Steps to a five: 500 AP Microeconomics/Macroeconomics inquiries to be aware of by means of attempt Day is customized to satisfy your learn needs—whether you could have left it to the final minute to organize otherwise you were learning for months. you are going to reap the benefits of going over the questions written to parallel the subject, structure, and measure of hassle of the questions inside the AP examination, observed through solutions with entire explanations.
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Additional resources for 500 Must-Know AP Microeconomics/Macroeconomics Questions
If Danielle earned an accounting profit of $60,000 last year, what was her economic profit? (A) $10,000 (B) $7,000 (C) $13,000 (D) $60,000 (E) $57,000 130. Firm X decides to shut down production in the short run where its costs would be (A) AVC only (B) AVC and TFC only (C) TFC only (D) zero (E) none of the above 131. If a monopoly and a perfect competition have the same costs, the monopoly will always (A) charge a lesser price than the perfect competition (B) produce the same quantity as the perfect competition (C) charge a higher price than the perfect competition and produce less (D) charge a higher price than the perfect competition and produce more (E) none of the above 132.
E) None of the above 124. Cartels are an example of (A) a perfect competition (B) a monopolistic competition (C) collusive pricing (D) the best way to use dominant strategy (E) the prisoner’s dilemma 125. Few large producers, barriers to entry, and mutual interdependence are characteristics of a(n) (A) perfect competition (B) monopolistic competition (C) oligopoly (D) monopoly (E) natural monopoly 126. Why is the demand for fruit less price elastic than the demand for a boat? (A) Consumption of fruit is greater.
What must be done to ensure an efficient output is achieved? (A) Regulate the natural monopoly to the point where P < MC (B) Regulate the natural monopoly to the point where P > MC (C) Regulate the natural monopoly to the point where P = MC (D) Regulate the natural monopoly to the point where P > TFC (E) None of the above 143. Marginal utility refers to (A) the change in total utility as a result of the consumption of an additional unit of a good (B) the change in a firm’s total cost from hiring an additional unit of labor (C) the change in saving caused by change in disposable income (D) the additional cost of production for one more unit of output (E) the additional benefit received from the consumption of the next unit of a good 144.
500 Must-Know AP Microeconomics/Macroeconomics Questions by Brian Reddington