AP (Advanced Placement) Microeconomics: Questions 323 - 328 of 398

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Question 323

Question

MCQ▾

ATC is represented as

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question 324

Question

MCQ▾

Which equation defines the relationship between AVC and AP?

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question 325

Question

MCQ▾

Market equilibrium is a point where ________?

Choices

Choice (5)Response

a.

Demands exceeds over supply.

b.

Quantity supply is equals to quantity demand.

c.

Quantity supply is less than the quantity demand.

d.

Demands and supply increases with price.

e.

Supply exceeds over demand.

Question 326

Question

MCQ▾

What is Marginal Cost?

Choices

Choice (5)Response

a.

Total cost minus total fixed cost.

b.

Cost of one additional unit to total cost.

c.

Cost of Variable units

d.

Overhead costs

e.

Cost of fixed units

Question 327

Question

MCQ▾

What is ‘Inelastic Demand?’

Choices

Choice (5)Response

a.

Demand is inelastic.

b.

Demand is unitary elastic.

c.

Elasticity is 1

d.

Elasticity is less than 1.

e.

Elasticity is more than 1.

Question 328

Question

MCQ▾

When the price of pears increases, we expect the following:

Choices

Choice (5)Response

a.

Quantity supplied of pears falls.

b.

Quantity demanded of pears falls.

c.

Supply of pears rises.

d.

Demand for pears falls.

e.

Quantity demanded of pears rises.

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