AP (Advanced Placement) Microeconomics: Questions 244 - 247 of 456

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Question 244

Question MCQ▾

In monopolistic competition, which factors determines the slope of the demand curve?

Choices

Choice (5)Response

a.

The number of seller in the market

b.

Similarity with other firm՚s products

c.

Barriers to entry

d.

All of the above

e.

None of the above

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Question 245

Question MCQ▾

Which of the following observations regarding cost curves hold true

i. Average cost curve (AC) initially falls with diminishing average fixed cost (AFC) and then rises due to increasing average variable cost (AVC)

ii. Marginal cost (MC) is equal to AC for the first unit of output

iii. MC is equal to AC when MC intersects AC curve from below

iv. AC intersects MC from below

Choices

Choice (5)Response

a.

i, ii and iii

b.

ii and iii

c.

iii and i

d.

All of the above

e.

Question does not provide sufficient data or is vague

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Question 246

Question MCQ▾

What is the equilibrium price in a Bertrand competition?

Choices

Choice (5)Response

a.

b.

c.

d.

All of the above

e.

None of the above

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Question 247

Question MCQ▾

Which of following conditions need to be met for Arrow՚s impossibility theorem?

Choices

Choice (5)Response

a.

Preferences between x and y does not consider ranking of alternatives

b.

Individual and social preferences are complete, reflexive and transitive

c.

If everyone prefers x over y, then social preference should rank x over y

d.

All a., b. and c. are correct

e.

None of the above

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