AP Micro Unit 3 Cost of Production and Market Structures

AP Micro Unit 3 Cost of Production and Market Structures

12th Grade

25 Qs

quiz-placeholder

Similar activities

Percent Practice

Percent Practice

11th - 12th Grade

20 Qs

English and General Knowledge Quiz

English and General Knowledge Quiz

6th Grade - Professional Development

20 Qs

pedro's development

pedro's development

11th - 12th Grade

20 Qs

CH. 2 Econ

CH. 2 Econ

10th - 12th Grade

20 Qs

Food Waste

Food Waste

12th Grade

20 Qs

First Quiz 4th Quarter EmpTech

First Quiz 4th Quarter EmpTech

12th Grade

20 Qs

ACCOUNTING

ACCOUNTING

12th Grade

20 Qs

Quiz 2 and 3 Business Finance

Quiz 2 and 3 Business Finance

12th Grade

20 Qs

AP Micro Unit 3 Cost of Production and Market Structures

AP Micro Unit 3 Cost of Production and Market Structures

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Used 1K+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which allows increasing returns to occur with production?

increasing costs
worker specialization
underutilization
fixed resources

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Tony opens up a hot chocolate stand for two hours.  He spends $10 for ingredients and sells $60 worth of tasty beverages.  In the same two hours, he could have provided Uber services (illegally because he isn't 18) and earned $40.  Tony's accounting profit is ____ and an economic profit of ____.

$50, $10
$90, $50
$10, $50
$50, $90

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which description fits the total-cost curve when the marginal product of labor diminishes

They are linear.
The slope increases as output increases.
The slope decreases as input increases.
The curve is a parabolic inverse "u" that contains a peak.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The marginal cost curve typically does which of the following?

Increases at a fixed rate.
Decreases and eventually increases.
Decreases at a decreasing rate.
Increases and eventually decreases.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The term for costs that cannot be avoided in the short run

Total Cost
Fixed Cost
Average Cost
Variable Cost

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Term for costs that change with production

Fixed Cost
Average Cost
Variable Cost
Marginal Cost

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Extra cost of producing one more unit

Marginal cost
Variable Cost
Fixed Cost
Average Cost

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?