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Garvey AP Questions 3

Authored by Kerry Garvey

Social Studies

12th Grade

Garvey AP Questions 3
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True statements about the theory of the firm in the short run and long run include which of the following?


I. All input quantities are fixed in the short run.

II. All input quantities are variable in the long run.

III. At least one input quantity is fixed in the short run.

I only

II only

III only

I and II only

II and III only

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about firm's production function are true?


I. When total product is at its maximum marginal product is zero.

II. When total product rises, marginal product is rising

III. When marginal product is greater than average product, average product is rising.

IV. When marginal product is less than average product, average product is falling.

I and II only

II and III only

II and IV only

I, III, and IV only

I, II, III, and IV

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a perfectly competitive firm, if the market price is $8, then

marginal revenue is greater than $8

marginal revenue is less than $8

marginal revenue is equal to $8

average revenue is greater than $8

average revenue is less than $8

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm’s short-run marginal cost curve will eventually increase because of

more efficient production.

economies of scale.

diseconomies of scale.

Diminishing marginal returns

increasing marginal returns

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assume that in the short run at the profit- maximizing output, the price is lower than average variable cost. The perfectly competitive firm should

increase its price

decrease its price

increase its output

decrease its output

shut down

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assume that a perfectly competitive firm is operating where marginal revenue is greater than marginal costs. To increase total profits, the firm should

increase production

decrease production

increase price

decrease price

do nothing

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the average variable cost of producing five units of a product is $100 and the average variable cost of producing six units is $125, then the marginal cost of producing the sixth unit is

25

125

250

500

750

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