AP Microeconomics Practice Test 15

Test Information

Question 12 questions

Time 14 minutes

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1. Monopoly deadweight loss is the result of

2. The market for Cincinnati Reds baseball tickets is currently in equilibrium. Which of the following events would most likely increase the consumer surplus received by Reds fans?

3. If Matt's total utility from consuming bratwurst increased at a constant rate, no matter how many bratwurst Matt consumed, what would Matt's demand curve for bratwurst look like?

4. When a firm is earning a normal profit from the production of a good, it is true that

5. You are told that the cross-price elasticity between goods X and Y is +2.0. This means that

6. Which of the following is an example of a long-run adjustment for the owners of a small café?

7. If total product of labor is rising at an increasing rate,

8. The demand curve for a perfectly competitive firm's product is

9. Which of the following is true in the long run in perfect competition?

10. If the market price is above the perfectly competitive firm's average total cost curve, we expect that in the long run,

11. If a market is organized by a cartel, we can expect

12. Jason cleans swimming pools in a perfectly competitive local market. A profit maximizer, he can charge $10 per pool to clean 9 pools per day, incurring total variable costs of $80 and total fixed costs of $20. Which of the following is true?