AP Micro Unit 3 Review

AP Micro Unit 3 Review

12th Grade - University

36 Qs

quiz-placeholder

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AP Micro Unit 3 Review

AP Micro Unit 3 Review

Assessment

Quiz

Other

12th Grade - University

Practice Problem

Easy

Created by

Emily Smith

Used 57+ times

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36 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Short run marginal costs eventually increase because of the effects of:

increasing marginal product
diminishing marginal product
increasing fixed costs
diseconomies of scale

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the only curve that continues to fall as output increases?

Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When marginal revenue equals marginal cost, a perfectly competitive firm is

determining the price it will set.
maximizing its revenues
establishing its shutdown point
maximizing its profit.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

What causes marginal product to increase at an increasing rate in Stage 1? 

increasing costs
worker specialization
underutilization
fixed resources

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The following graph illustrates

The Law of Increasing Costs
The Law of Demand
Circular Flow Diagram of  Mixed Economy
The Marginal Product of Labor

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

According to the graph, increasing marginal returns occur from 

0 to Labor1
Labor1 to Labor2
0 to Labor L2
After L2

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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.

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