Microeconomics 2024 exam - Study guides, Class notes & Summaries

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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

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AP Microeconomics Spring 2024 Exam Review Economics - Answer>> The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited wants Factors of Production - Answer>> Labor, Land, Capital, Entrepreneurial ability Physical capital - Answer>> Manmade equipment like machinery, but also buildings, roads, vehicles, and computers

Microeconomic3 Question and answers already passed 2024 Microeconomics - Exam 1 (University of Iowa) Production Possibility Frontier (PPF) - correct answer a graph that shows the combinations of output that the economy can possibly produce given the available factors of production Conclusions of PPF - correct answer 1) Scarcity 2) Choice 3) Opportunity Cost of Making a Choice 4) Increasing Opportunity Cost Opportunity cost - correct answer What a person sacrifices when they ch...