The Law of Supply states:

as price increases, supply increases

as prices decrease, demand increases

Too many "cooks in the kitchen" is an example of?

Diminishing Marginal Return (Adding more workers will increase or decrease production)

Price that buyers & sellers will accept

Which of the following statements about a monopsonistic labor market is true?

Compared to the wage paid in a competitive labor market, the W paid by a monopsonist is lower and the quantity of labor hired is lower.

Since the single firm is a wage taker, the marginal factor cost of labor is equal to the wage rate.

A legal minimum wage equal to the competitive wage would further reduce the employment of labor.

As the firm hires more labor, the firm is able to pay each unit of labor a lower wage.

Each of the alternative options given up when making a decision.

The most desired trade-off of a decision.

Unlimited wants but limited resources

Money spent by businesses to improve their production

The desirable alternative is given up when you make a choice.

Define Comparative Advantage.

The producer with the lowest opportunity cost.

The producer that can produce the most output or requires the least amount of inputs.

Countries that produce more capital goods will have more growth in the future.

The producer that can produce the most output or requires the least amount of inputs.

Resources are easily adaptable for producing either good. Straight line PPC.

all other conditions remain the same.

Until when you will continue to consume?

Marginal Benefit = Marginal Cost

Marginal Revenue = Margical Cost

In which of the following situation is a good NOT scarce?

Consumers give up to obtain more of the good.

Large quantities of goods are available in the marketplace.

There is a surplus of the good at some positive price.

There is a shortage of the good at some positive price.

The study of economics is primarily concerned with which of the following?

The allocation of scarce resources, given unlimited wants.

The testing of hypotheses under controlled conditions

The fair and equal treatment of all households

The development of the dynamics of group behavior.

The basic economic problem of all economies is essentially one of deciding how to make the best use of

Limited resources to satisfy unlimited wants

Unlimited resources to satisfy unlimited wants

Unlimited resources to satisfy limited wants

Limited resources to provide public goods

Which of the following situations best illustrates the Law of demand?

in the past several months, as the price of compact disc players has decreased, the quantity of compact disc players sold has increased.

As real incomes of United States Citizens have decreased over the past year, the demand for housing has also decreased

The increase in the price of quality health foods has increased the revenue of firms producing these goods.

Which of the following will cause the demand for a normal good to increase?

A decrease in the price of a complementary good

A decrease in consumers' income

A decrease in the price of a substitute good.

A decrease in the number of consumers

The cross-price elasticity of demand between goods J and K is -3. A 20 percent decrease in the price of good K will result in a

60 percent increase in the quantity demanded of good J

3 percent decrease in the quantity demand of good K

15 percent decrease in the quantity demanded of good K

6 percent increase in the quantity demanded of good J

In the short run, which of the following is true of a firm's average total cost of production?

It is equal to average fixed cost plus average variable cost

It is equal to marginal cost plus average variable cost

It is zero if the firm shuts down

Which of the following MUST be true of the long run?

All factors of production are variable

It is at least one year in duration

Average total cost are constant

Which of the following must be true if at the tenth unit of output, marginal cost (MC) is $130 average total cost (ATC) is $150?

ATC of producing the ninth unit is higher than $150

MC of producing the ninth unit is higher than $130

The average variable cost of producing the tenth unit is equal to $20

ATC of producing the ninth unit is less than $150

Which of the following is true about a firm's average variable cost?

It will equal average total cost when fixed costs are zero

It will rise if marginal cost is less than the average variable cost

It will never equal the firm's marginal cost

It will decline when the firm's marginal product declines

Economies of scale can be illustrated by

a decreasing long-run average total cost curve as a firm produces more output

an increasing short-run marginal cost curve as a firm produces more output

A decreasing short-run average total cost curve as a firm produces more output

an increasing long-run average total cost curve as a firm produces more output

The Marginal revenue product of labor is the

additional revenue a firm earns when it employs an additional unit of labor

product price times the wage rate

marginal revenue plus product price

increase in the price of labor when the firm employs an additional unit of labor

A perfectly competitive firm is currently producing at the profit-maximizing output level. If the marginal physical product of labor is 10 units per hour and the firm pays a wage rate of $8per hour, which of the following is true?

The output price is $0.80 per unit

The marginal revenue product of labor is $80

The average total cost is $0.80 per unit

Which of the following is most likely to increase the supply of soldiers for an all-volunteer army?

A decrease in the average wage rate in civilian employment

A decrease in the salaries paid to soldiers

The imposition of new restrictions on women in the mility

An increase in the required length of service

A profit-maximizing firm should hire an input up to the point at which

marginal revenue product equals marginal factor cost

Marginal physical product equals marginal factor cost

marginal revenue product equals marginal revenue

marginal physical product equals marginal revenue product

AP Microeconomics Summative

Authored by Ana Ontiveros

Other

12th Grade

Used 23+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

54 questions

Show all answers

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The graph represents: Demand or Supply?

Demand

Supply

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Elastic or Inelastic

Elastic

Inelastic

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Elastic or Inelastic

Elastic

Inelastic

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Amount of a product consumers will buy at a given prices is called what?

Substitute

Demand

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Law of demand says if the price of pizza falls, the demand for pizza will what?

Increase

Decrease

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the population of Ankeny increases, the demand will: increase or decrease?

Increase

Decrease

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A necessity is something we need to live. Which answer describes a necessity?

Food

School

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Popular Resources on Wayground

10 questions

5.P.1.3 Distance/Time Graphs

Quiz

•

5th Grade

10 questions

Fire Drill

Quiz

•

2nd - 5th Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

22 questions

School Wide Vocab Group 1 Master

Quiz

•

6th - 8th Grade

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

20 questions

Inferences

Quiz

•

4th Grade

12 questions

What makes Nebraska's government unique?

Quiz

•

4th - 5th Grade

Discover more resources for Other

18 questions

Informative or Argumentative essay

Quiz

•

5th Grade - University

20 questions

Career

Quiz

•

9th - 12th Grade

20 questions

Consumer Skills

Quiz

•

9th - 12th Grade

20 questions

Cartoon Characters

Quiz

•

12th Grade

20 questions

Food Chains and Food Webs

Quiz

•

7th - 12th Grade

10 questions

Geography of East Asia

Interactive video

•

7th - 12th Grade

20 questions

AEST Ag. Associates/Systems

Quiz

•

9th - 12th Grade

20 questions

Banking

Quiz

•

9th - 12th Grade

AP Microeconomics Summative

The graph represents: Demand or Supply?

Elastic or Inelastic

Elastic or Inelastic

Amount of a product consumers will buy at a given prices is called what?

Law of demand says if the price of pizza falls, the demand for pizza will what?

When the population of Ankeny increases, the demand will: increase or decrease?

A necessity is something we need to live. Which answer describes a necessity?

What kind of graph is this?

This activity (Picture) was an example of what?

The Law of Supply states:

Access all questions and much more by creating a free account

Popular Resources on Wayground

Discover more resources for Other