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 |
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 |
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 |
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 |