Ap Economics Quiz 81-90

The property whereby long run average total cost falls as the quantity of output increases. Fill in the blank: ____________

• Economies of Scale

• Diseconomies of Scale

• Constant Returns to Scale

• Law of Diminishing Returns

The property whereby long run average total cost rises as the quantity of output increases. Fill in the blank: ____________

• Diseconomies of Scale

• Economies of Scale

• Constant Returns to Scale

• Product Differentiation

The property whereby long run average total cost stays the same as the quantity of output changes. Fill in the blank: ____________

• Constant Return to Scale

• Increasing Return to Scale

• Decreasing Return to Scale

• Economies of Scale

A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker. Fill in the blank: ____________

• Competitive market

• Monopoly

• Oligopoly

• Monopsony

Total revenue divided by the quantity sold. Fill in the blank: ____________

• Average Revenue

• Marginal Cost

• Total Profit

• Net Income

The change in total revenue from an additional unit sold. Fill in the blank: ____________

• Marginal Revenue

• Average Revenue

• Total Cost

• Profit

A cost that has already been committed and cannot be recovered. Fill in the blank: ____________

• Sunk Cost

• Variable Cost

• Fixed Cost

• Opportunity Cost

A monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms. What is this called?

• Natural Monopoly

• Legal Monopoly

• Technological Monopoly

• Geographical Monopoly

The business practice of selling the same good at different prices to different customers is known as what?

• Price Discrimination

• Market Segmentation

• Product Differentiation

• Cost Leadership

A firm that is the sole seller of a product without close substitutes

• Monopoly

• Natuiral Monopoly

• Oligopoly

• Duopoly