AP Microeconomics Practice Test: Costs, Production, Supply

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Question 5 questions

Time 6 minutes

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1. Which of the following is true?

2. Opportunity costs or implicit costs of a "Mom & Pop"-owned business are:

3. With capital fixed at one unit with 1, 2, 3 units of labor added in equal successive units, production of the output increases from 300 (1 unit of labor), to 350 (2 units of labor) to 375 (3 units of labor). Which of the following is a correct interpretation?

4. Which of the following is not correct about economies of scale?

5. Marginal cost (MC) is equal to average variable cost (AVC) and average total cost (ATC) when: