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AP Micro Unit 3

Authored by Brian Timpson

Social Studies

10th - 12th Grade

Used 53+ times

AP Micro Unit 3
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20 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

What should you do?

Shut Down
Take loss but stay open
Stay open, Normal Profit
Stay open, Positive Economic Profit

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

What should you do?

Shut Down
Stay open and take a loss
Stay open, Positive Economic Profit
Stay open, Normal Profit

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Based on the cost and output data in the table shown, a perfectly competitive firm will shut down if price falls below:

$15 
$16
$18
$20

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

In the short run, the firm will realize an economic loss but will continue to produce if the price is:

below P2
between P1 and P2 
between P2 and P3 
between P3 and P4 

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

How does the profit-maximizing behavior of a monopolistic competitor compare to that of perfect competitors, oligopolies, and monopolies?

They all try to find the level of output where their marginal cost is equal to their marginal revenue.
The monopolistic competitor is similar to monopoly but not to pure competition.
The monopolistic competitor is similar to pure competition but not to oligopoly.
The monopolistic competitor is similar to monopoly but not to oligopoly.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the short run, a perfectly competitive firm produces output and breaks even if:

the firm produces the quantity at which P < ATC.
the firm produces the quantity at which P = ATC.
the firm produces the quantity at which P > ATC.
the firm produces the quantity at which P = (TR/Q + TC/Q) × Q.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Shut Down
Stay open and take a loss
Normal Profit
Positive Economic Profit

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