AP (Advanced Placement) Microeconomics: Questions 329 - 333 of 398

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Question 329

Question

MCQ▾

Which statement is correct for showing the relationship between MC and MP?

Choices

Choice (5)Response

a.

b.

c.

d.

Both b. and c. are correct

e.

Question does not provide sufficient data or is vague

Question 330

Question

MCQ▾

Value of a commodity can be best describe as

Choices

Choice (5)Response

a.

Worthiness of a good or a service

b.

Utility of a good or a service

c.

Price of a good or a service

d.

Quantity of a good or a service

e.

Desire of a good or service

Question 331

Question

MCQ▾

Use the figure below to respond to the questions.

Price Ceiling

The competitive market equilibrium is at point C. If a per unit excise tax is imposed on the production of this good, the dead weight loss is

Choices

Choice (5)Response

a.

The area BADH.

b.

The area BDE.

c.

The area GDH.

d.

The area GDAB.

e.

The area DAC.

Question 332

Question

MCQ▾

Average Fixed Cost

Choices

Choice (5)Response

a.

b.

c.

d.

e.

Question 333

Question

MCQ▾

Its absorbed that because of the income rise of one distinct group their demand for Jaggery decreased and they started demanding sugar; Jaggery is;

Choices

Choice (5)Response

a.

Related good.

b.

Normal good.

c.

Superior good.

d.

Giffen good.

e.

Inferior good.

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