AP (Advanced Placement) Microeconomics: Questions 316 - 319 of 398

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Question 316

Question

MCQ▾

Price ceiling is known as

Choices

Choice (5)Response

a.

The lowest price that can be charged

b.

The highest price that can be charged

c.

The average price set by legal authorities

d.

The price below the floor price

e.

Question does not provide sufficient data or is vague

Question 317

Question

MCQ▾

If price of a commodity rises, what is expected?

Choices

Choice (5)Response

a.

Quantity supply of commodity will shrink.

b.

Quantity supply of commodity will rise.

c.

Quantity supply will not change.

d.

Quantity demand will rise with rise in price of the product.

e.

Quantity supply will fall according to the rise in price.

Question 318

Question

MCQ▾

All the resources that satisfy our wants are ________?

Choices

Choice (5)Response

a.

Unavailable

b.

Infinite

c.

Endless

d.

Limitless

e.

Limited

Question 319

Question

MCQ▾

The competitive market provides the best outcome for society because

Choices

Choice (5)Response

a.

Producer surplus is minimized while consumer surplus is maximized.

b.

The total welfare is maximized.

c.

The total cost to society is maximized.

d.

Consumer surplus is minimized while producer surplus is maximized.

e.

The difference between consumer and producer surplus is maximized.

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