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Summary ap micro exam 2024 exam questions and answers
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ap micro exam 2024 exam questions andanswers
(B) improving technology - An outward shift of a production possibilities curve
can be caused by
(A) planting a more profitable farm crop
(B) improving technology
(C) using idle resources
(D) changing consumer preferences
(E) increasing the minimum wage
(B) The equilibrium price of pizza is below $10. - At a price of $10, the quantity
demanded of pizzas
is 100 and the quantity supplied is 150. Which of
the following statements must be true?
(A) There is a shortage of pizza at a price of $10.
(B) The equilibrium price of pizza is below $10.
(C) The quantity of pizzas sold will be 150.
(D) At equilibrium, fewer than 100 pizzas will
be sold.
(E) The pizza market is in equilibrium.
,ap micro exam 2024 exam questions and
answers
(B) diminishing marginal utility - The diagram above shows Sally's utility function
for chocolate. Her utility function illustrates the
principle of
(A) trade-offs when making choices
(B) diminishing marginal utility
(C) income and substitution effects
(D) increasing opportunity cost
(E) constrained utility maximization
(A) Increase the quantity of output produced. - At a perfectly competitive firm's
current
output level, average total cost is $15, average
variable cost is $10, and marginal cost is $8 and
increasing. If the product price is $15, what
should this firm do to maximize profits?
(A) Increase the quantity of output produced.
(B) Increase the product price.
(C) Decrease the product price to increase sales.
(D) Shut down immediately.
,ap micro exam 2024 exam questions and
answers
(E) Continue to produce at its current output
level.
(B) it is generally impossible to exclude
individuals who value public goods but
do not pay for them - The government must provide public goods
such as national defense because
(A) the production of public goods requires
economies of scale that the private sector
cannot achieve
(B) it is generally impossible to exclude
individuals who value public goods but
do not pay for them
(C) public goods cannot be produced in private
competitive markets, since they have
highly inelastic demand
(D) private producers charge a price that is
substantially greater than marginal cost
, ap micro exam 2024 exam questions and
answers
(E) no single individual should have to pay for
public goods, since they benefit society
as a whole
(D) An increase in consumers' income - Which of the following will increase the
demand
for pizza, a normal good?
(A) An increase in the cost of producing pizza
(B) A decrease in the price of pizza
(C) An increase in the price of a complementary
product
(D) An increase in consumers' income
(E) An increase in the number of restaurants
selling pizza
(C) strategic behavior of firms in oligopoly - Game theory is used to explain
(A) why firms price discriminate
(B) how monopolies evolve into oligopolies
(C) strategic behavior of firms in oligopoly
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