Ap microeconomics unit 1 Study guides, Class notes & Summaries

AP Microeconomics: Unit 4 Exam Questions and Answers 5 Characteristics of a Monopoly - Answer>> 1) Single Seller 2) Unique good with no close substitute 3) "Price Maker" 4) High Barriers to Entry 5) Some "Nonprice" Competition Single Seller (1) - Answer>> -one firm controls the vast majority of a market -firm=industry "Price Maker" (3) - Answer>> -firm can manipulate price by changing the quantity produced (ie. shifting supply to the left)

These notes are based on Unit 1 of both AP Macroeconomics and AP Microeconomics; however, they can be used by anyone who wants to gain an understanding of basic economic principles. It defines multiple words, including opportunity cost, scarcity, the factors of production, efficiency, comparative advantage, absolute advantage, demand, supply, the law of demand, the law of supply, surplus, and shortage. The following charts are included: linear Production Possibilities Curve (PPC), concave PPC, c...

AP Microeconomics Unit 1 Progress Check MCQ (Collegeboard) questions with answers.

ECON 1010 - Introduction to Microeconomics Instructor: Michael G. LanyiWhich one of the follow ing concepts is not illu strated by a p rod u ction p ossibilities frontier? A) op p ortu nity cost B) monetary exchange C) attainable and u nattainable p oints D) scarcity E) the trad eoff betw een prod ucing one good versus another Answer: B User1: Use the figure below to answer the following question(s). Figure 2.1 2) Complete the follow ing sentence. In Figure 2.1, A) movement from c to b w ould re...

scarcity - correct answers -function of both demand and supply -the greater the demand relative to supply, the more scare something is -inability to satisfy all our wants opportunity cost - correct answers -next best alternative -no such thing as a free lunch, something must be forgone -best thing you must give up economics - correct answers -studies the choices that individuals, governments, businesses, and society makes as they cope with scarcity -incentives that influence and re...

AP Microeconomics notes from Unit 1, Section 2: These notes cover resource allocation, economic systems, and scarcity. Understanding different kinds of economic systems is key to understanding microeconomics as a whole and applying economic thinking to everyday life.

AP Microeconomics notes from Unit 2, Section 1: These notes cover supply and demand and the relationship between them. Make sure you have a good understanding of these notes before moving on, since these are two key concepts to understanding the rest of microeconomics.

AP Microeconomics notes from Unit 1, Section 1: These notes cover the fundamentals of economics and scarcity. We'll dive into key economic assumptions, types of economics, the factors of production, and productivity.

AP Microeconomics notes from Unit 4, Section 1: These notes cover imperfectly competitive markets, including monopolistic competition and price discrimination.