AP Microeconomics- Unit 3

Flashcard
•
Social Studies
•
11th - 12th Grade
•
Hard
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39 questions
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1.
FLASHCARD QUESTION
Front
Which of the following isn't a fixed cost? Rent, Telephone/Internet Service, Hourly workers, Insurance
Back
Hourly workers
2.
FLASHCARD QUESTION
Front
A cost that doesn't change with the firm's output is a
Back
Fixed Cost
3.
FLASHCARD QUESTION
Front
Fixed Cost + Variable Cost =
Back
Total Cost
4.
FLASHCARD QUESTION
Front
A cost that changes with the firm's production is a _____
Back
Variable Cost
5.
FLASHCARD QUESTION
Front
An example of a variable cost might be . . .
Back
all of these are variable costs
6.
FLASHCARD QUESTION
Front
The cost of producing one additional unit of a good . . .
Back
Marginal Cost
7.
FLASHCARD QUESTION
Front
Total Revenue = ? Options: Quantity Sold x Price, Price X Total Cost, Total Cost / Quantity Sold, Variable Cost / Quantity Sold
Back
Quantity Sold x Price
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