AP Microeconomics Practice Test 2

Test Information

Question 12 questions

Time 14 minutes

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1.

The line in the figure is the most similar to a typical

2. Firms with the following market structure(s) maximize profits by producing where marginal cost equals marginal revenue, if at all.

I. Perfect competition

II. Oligopoly

III. Monopoly

IV. Monopolistic competition

3.

The simplified PPFs for countries A and B appear in the figures. Both countries have the same resources to work with. Which of the following statements is correct?

4. Which of the following was not a landmark antitrust act?

5. In the same period there is a drought affecting the supply of pineapples and a discovery that may assist in the avoidance of cancer. How will this combination of events affect the equilibrium price and quantity of pineapples?Equilibrium Quantity

6. Which of the following statements accurately describes the relationship between average product (AP) and marginal product (MP) of labor?

7. Which of the following goods is likely to provide both the largest total utility and the smallest marginal utility?

8. In order to find the market supply curve for a particular good, one would

9.

A competitive firm facing the demand and cost curves in the figure should

10. A loud party in the neighborhood is disturbing people living nearby who would like to sleep. Which of the following is most likely to lead to an efficient solution to the problem?

11.

The figure illustrates the supply and demand for solar panels. In 1998, 50 panels were sold for $1,000 each, while in 1999, 50 panels were sold for $900 each. Which of the following combinations of supply and demand behavior most likely occurred?

Demand Curve     Supply Curve

12. Unlike a perfectly competitive firm, a monopoly