Quiz

AP Microeconomics - 10 Questions

2016: Esteban Vi 10 questions

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Questions in this quiz (10)

1A firm in perfect competition has zero power.
1. ATrue
2. BFalse
2In perfect competition, there are no barriers of entry and exit.
1. ATrue
2. BFalse
3Is money an example of perfect competition?
1. ATrue
2. BFalse
4The supplier will cut back on production if [blank_start]marginal cost[blank_end] is greater than [blank_start]marginal revenue[blank_end].
1. Amarginal cost
2. Bmarginal revenue
5The marginal cost curve is the firm's supply curve above the point where [blank_start]price[blank_end] exceeds [blank_start]average variable cost[blank_end].
1. Aprice
2. Baverage variable cost
6Profit maximization (Formula)
1. AMC=AC
2. BMC=AR
3. CMC=MR
7Productive efficiency (Formula)
1. AMC=AR
2. BMC=MR
3. CMC=AC
8Allocative efficiency (Formula)
1. AMC=AR
2. BMC=AC
3. CMC=MR
9Normal profit is minimum profit that allow current profits to stay in use.
1. ATrue
2. BFalse
10Is lack of motivation one of the reason for diseconomies of scale?
1. AYes
2. BNo