AP (Advanced Placement) Microeconomics: Questions 216 - 220 of 398

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Passage

Go through the following paragraph and diagram and answer the questions given below:

Monopoly charges a price above marginal cost not all consumers who value the good at more than its cost buy it. Thus the quantity produced and sold by a monopoly is blow the socially efficient level. The deadweight loss represented by the area of the triangle between the demand curve and the marginal cost curve.

The Monopoly Charge

Question 216 (2 of 3 Based on Passage)

Appeared in Year: 2019 (NET)

Question

MCQ▾

Deadweight loss is represented by the area of (June)

Choices

Choice (5)Response

a.

b.

BAC

c.

d.

e.

None of the above

Question 217 (3 of 3 Based on Passage)

Appeared in Year: 2019 (NET)

Question

MCQ▾

Which is the socially efficient level of production? (June)

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question does not provide sufficient data or is vague

Question 218

Appeared in Year: 2019 (NET)

Question

MCQ▾

If , the price elasticity of demand is (June Paper-II)

Choices

Choice (5)Response

a.

1.5

b.

1

c.

2.3

d.

1.75

e.

All of the above

Question 219

Appeared in Year: 2019 (NET)

Question

MCQ▾

Which of the following is an example of a public good? (June Paper-II)

Choices

Choice (5)Response

a.

Swimming pool of a house

b.

Residential building

c.

Restaurant meals

d.

National defence

e.

Question does not provide sufficient data or is vague

Question 220

Appeared in Year: 2019 (NET)

Question

MCQ▾

The inventory approach to the transaction demand suggests that the transaction component of the demand for money is: (December)

Choices

Choice (5)Response

a.

Negatively related to interest rate

b.

Negatively related to real income

c.

Negatively related to nominal income

d.

Negatively related to real wealth

e.

All of the above

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