

AP Microeconomics Unit III
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
If a profit-maximizing firm in a perfectly competitive market chooses to produce in the short run, then marginal cost is always:
Back
Greater than or equal to average variable cost
2.
FLASHCARD QUESTION
Front
For a perfectly competitive firm producing the profit-maximizing quantity, the average total cost is $10 and the average variable cost is $8. If the market price for its product is $10, which of the following is true for the firm?
Back
It is earning zero economic profit and will remain in business
3.
FLASHCARD QUESTION
Front
In a perfectly competitive market, the price facing the firm is equal to: Marginal revenue, Average revenue, The Market price, Demand, All of the above
Back
All of the above
4.
FLASHCARD QUESTION
Front
In the long run, perfectly competitive firms make zero economic profit. This is primarily a result of: Easy entry and exit into and out of the market
Back
Easy entry and exit into and out of the market
5.
FLASHCARD QUESTION
Front
This firm will continue to produce as long as the price is equal to or above:
Back
D
6.
FLASHCARD QUESTION
Front
As successive units of an input are added to production, output increases by ever smaller amounts. This best describes:
Back
Diminishing marginal returns
7.
FLASHCARD QUESTION
Front
What is the relationship between marginal cost and average total cost?
Back
When marginal cost is above average total cost, average total cost must be rising.
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