AP Microeconomics Practice Test 5

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Question 12 questions

Time 14 minutes

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1. Which of the following is characteristic of a perfectly competitive firm's demand curve?

2. The relationship between the marginal revenue curve and the demand curve for a monopoly is most similar to the relationship between the marginal factor cost curve and what curve for a monopsony?

3. What could the government do to most effectively avoid a free rider problem?

4. The necessity for a monopoly to lower its price in order to sell more units of its product explains why

5.

Based on the PPF in the figure, the opportunity cost of producing the seventh carrot is

6. The market demand curve for labor will shift to the right when

7. Patents, control of resources, economies of scale, and exclusive licenses are

8. Which of the following statements is accurate in regard to a perfectly competitive firm?

9. Which of the following indicates that two goods are complements?

10. Education makes Chris a better worker, voter, parent, and citizen. Because the benefits from education go beyond those that Chris enjoys himself, education provides

11. When a negative externality exists as the result of the production of a good, the socially optimal quantity of output could be achieved by

12. The demand curve for labor is derived from