Micro 3.7 MR = MC Practice: Econ Concepts in 60 Seconds for Advanced Placement Microeconomics

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Business
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11th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, what is the primary question a firm needs to answer?
How to minimize costs?
How much to produce?
How to increase demand?
How to set prices?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does marginal cost represent in economic terms?
The fixed cost of production
The average cost of production
The change in total cost from producing one more unit
The total cost of production
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does marginal cost typically behave as production increases?
It remains constant
It decreases and then increases
It continuously decreases
It continuously increases
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, where should a firm produce to maximize profit?
Where total cost is lowest
Where marginal revenue equals marginal cost
Where total revenue is highest
Where marginal cost is lowest
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the profit if the total revenue is $80 and the total cost is $60?
$40
$10
$30
$20
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