AP Microeconomics Practice Test: The Firm, Profit, and the Costs of Production

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Question 6 questions

Time 7 minutes

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1. Which of the following is most likely an example of production inputs that can be adjusted in the long run, but not in the short run?

2. The Law of Diminishing Marginal Returns is responsible for

3. Which of the following cost and production relationships is inaccurately stated?

4. If the per unit price of labor, a variable resource, increases, it causes which of the following?

5.

The curves labeled W, X, Y, Z refer to which respective cost functions?

6.

At the q 3 level of output,