AP micro test

AP micro test

10th Grade

•

50 Qs

quiz-placeholder

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AP micro test

AP micro test

Assessment

Quiz

•

Social Studies

•

10th Grade

•

Medium

Created by

Withney Olivia

Used 4+ times

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50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Consumers will buy more of a good when its price is lower and less when its price is higher.

Law of Demand

Law of Supply

Price Floor

Price Ceiling

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The point at which the quantity demanded for a product or service is equal to the quantity supplied of that product or service.

Equilibrium

Price Stability

Shortage

Supply

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A minimum price consumers are required to pay for a good or service.

Price Ceiling

Market Clearing Price

Equilibrium

Price Floor

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A maximum price consumers are required to pay for a good or service.

Price Ceiling

Equilibrium

Market Clearing Price

Price Floor

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market in which a single seller dominates.

Monopolistic Competition

Monopoly

Oligopoly

Perfect Competition

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices.

Monopoly

Monopolistic Comeptition

Oligopoly

Perfect Competition

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An increase in the price of milk causes a decrease in the demand for cereal. The two products are

substitutes
complements
unrelated
demand elastic

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