AP (Advanced Placement) Microeconomics: Questions 382 - 386 of 398

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Question 382

Appeared in Year: 2019 (NET)

Question

MCQ▾

If AR = 15 and MR = 5, the price elasticity of demand is (June)

Choices

Choice (5)Response

a.

1

b.

1.75

c.

2.3

d.

1.5

e.

Question does not provide sufficient data or is vague

Question 383

Appeared in Year: 2016 (NET)

Question

MCQ▾

There is no time lag in the production and consumption of

Choices

Choice (5)Response

a.

Single use goods

b.

Durable goods

c.

Capital goods

d.

Services

e.

Question does not provide sufficient data or is vague

Question 384

Appeared in Year: 2016 (NET)

Question

MCQ▾

Short Run Total Cost Curve can never be less than Long Run Total Cost Curve.

Choices

Choice (5)Response

a.

Often True

b.

Never True

c.

Always True

d.

Sometimes True

e.

All of the above

Question 385

Appeared in Year: 2016 (NET)

Question

MCQ▾

Which of the following is not a characteristic of Indifference Curves?

Choices

Choice (5)Response

a.

They can never intersect each other

b.

They are convex to the origin

c.

They slope downwards from left to right

d.

They can touch either axis

e.

Question does not provide sufficient data or is vague

Question 386

Appeared in Year: 2016 (NET)

Question

MCQ▾

Marginal cost is defined as:

Choices

Choice (5)Response

a.

total product divided by quantity of inputs.

b.

total cost divided by total output.

c.

the change in total cost due to one unit change in output.

d.

change in output due to one unit change in input.

e.

None of the above

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