Ap microeconomics Study guides, Class notes & Summaries

Which of the following best defines opportunity cost? CORRECT ANSWER It is the amount of one product that must be given up to produce an additional unit of another product Which of the following explains why a production possibilities curve is often represented as concave (bowed out) from the origin? CORRECT ANSWER Increasing opportunity costs Assume that consumers consider popcorn and pretzels to be substitutes. A significant decrease in the supply of popcorn will affect the pretzel marke...

AP Microeconomics Practice Exam 2024 with Answers 1. Which of the following best defines opportunity cost? - Answer>> It is the amount of one product that must be given up to produce an additional unit of another product 2. Which of the following explains why a production possibilities curve is often represented as concave (bowed out) from the origin? - Answer>> Increasing opportunity costs

AP Microeconomics Exam Practice test questions with Answers 2024 1. A firm is operating in the long run where marginal cost, marginal revenue, average total cost, and demand intersect at a single point. This market structure must be Answer>> perfect competition 2. Which of the following would make perfect competition in a market impossible? Answer>> Entrance barriers

AP Microeconomics Unit 1 Exam Questions with Answers 2024 The characteristic from which all economic problems arise is... Political Decisions Providing a minimal standard of living for every person How to make a profit Hunger Scarcity - Answer>> E Scarcity results from the fact that... People's wants exceed the resources available to satisfy them Not all goals are desirable We cannot answer the major economic questions Choices made in self-interest are not always in the socia...

AP Microeconomics Comprehensive Review with Answers 1. Economics - Answer>> The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited material wants. 2. Resources - Answer>> Factors of production, 4 categories: labor, physical capital, land/natural resources, and entrepreneurial ability 3. Scarcity - Answer>> The imbalance between limited productive resources and unlimited human wants

AP Microeconomics Exam Review 2024

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AP Microeconomics Exam Module 2 Review(20%-30% of AP exam Info from FLVS AP Microeconomics course)2023

AP Microeconomics Review Exam Question and Answers Someone who purchases goods and services from a seller for money. - Answer>> Buyer Occurs between large numbers of buyers and sellers who vie for the opportunity to buy or sell goods and services. - Answer>> Competition The amount of goods and services that buyers are willing to purchase. - Answer>> Demand The graphical representation of the relationship between quantities of goods and services that buyers are willi...

AP Microeconomics Unit 1 All Quiz Questions and answers 2024