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Summary ap microeconomics multiple choice exam 2024
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ap microeconomics multiple choice exam 2024
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ap microeconomics multiple choice exam2024
If the marginal cost of producing the first unit of some good is $20 and the
marginal cost of producing the second unit is $30, the average variable cost of
producing 2 units is - $25
Marginal revenue product of labor - additional amount of revenue a firm can
generate by hiring one additional unit of labor
Two factors that change Marginal Revenue Product of Labor - Marginal
productivity of labor, price of good produced by labor
characteristics of public goods - non excludable, non rivalrous
Economy produces TV and shoes. What can cause production possibility curve to
shift outward?
A) decrease in demand for shoes
B) increase in labor force
c) change in consumer taste for tv
D) increase in prices of resources to produce both goods
E) increase in price of both goods - B) increase in labor force
, ap microeconomics multiple choice exam
2024
if firm is experiencing economies of sale, which will decrease as output increases
A) fixed cost
B) long run total cost
c) marginal cost
D) long run average total cost
E) marginal revenue - D) long run average total cost
which is true for mono comp in long run?
a) earns normal profit
b) price = marginal cost
c) allocatively efficient
d) price taker
e) produce at min average total cost - a) earns normal profit
marginal resource factor cost is
a) change in total resource cost caused by production of 1 more unit of output
b) change in total revenue cause by addition of 1 more unit of a resource
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