AP Microeconomics Practice Test: Market Structures, Perfect Competition, Monopoly, and Things Between

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Question 6 questions

Time 7 minutes

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1. For a competitive firm, what is the most important thing to consider in deciding whether to shut down in the short run?

2. Which characteristic is likely a part of a monopoly market but not of monopolistic competition?

3. If the perfectly competitive price is currently above minimum ATC, we can expect which of the following events in the long run?

4. Which of these situations is not an example of price discrimination?

5. Two competing firms are deciding whether to launch a huge costly advertising campaign or maintain the status quo. Use the following matrix showing the profits of this duopoly to respond to question below.

If these firms do not collude, the outcome will be that

6. Deadweight loss occurs in