AP Micro Exam Review Game

In perfect competition, MR equals

When price equals marginal cost, this is:

The distance between ATC and AVC represents:

The total efficiency loss that results from an underallocation or overallocation of goods is:

In imperfect competition, MR is

Which of the following would NOT result in a shift of the PPC?

Which of the following would NOT change demand?

Which of the following is NOT a determinant of elasticity of demand?

As income increases, demand increases is true for

When price equals minimum ATC, this is an example of:

The negative production externality (overallocation) is:

Change in a non-price determinant is illustrated on the graph as

The MP of labor/unit price of labor = MP of capital/unit price of capital = 1 is known as the:

High start up costs, economies of scale, and government regulations are examples of

A firm's MC curve above its AVC is its:

The production possibilities curve illustrates the concept of

With only a few firms, high barriers to entry, interdependence; are all characteristics of:

The wage rate is:

A similarity between monopolistic and perfect competition is:

The cross-price elasticity coefficient is positive (+) when:

Total revenue test: When the price increases and total revenue decreases, then demand is:

When MU of Good A/Unit cost of A = MU of Good B/Unit cost of B is known as the

Total revenue is at its maximum when:

Total Revenue =

An effective price ceiling creates a

The MP of labor/unit price of labor = MP of capital/unit price of capital in known as the:

What is the hiring rule?

How is profit calculated?

For a perfectly price-discriminating monopolist:

This is the additional number of units contributed by the last worker hired

The major difference between perfect competition and monopolistic competition is:

Total cost / quantity (output) =

If P < ATC, then this is ...

As one adds additional inputs to a fixed input, at some point you'll experience smaller returns

When firms produce less than the socially optimal quantity to maximize profits, they have:

The opportunity cost of employing self-owned resources toward one activity is:

The area below the price line and above the supply curve (MC) is known as:

When price falls below AVC, the company:

True or False? A change in any variable cost will shift the MC, AVC, and ATC curves.

The (Price w/ tax - price seller receives) x quantity =

The profit maximization rule for all markets is:

In a perfectly competitive resource market, MRP =

Which of the following would NOT change supply?

If demand is highly inelastic, who bears the brunt or incidence of the tax burden?

Perfectly inelastic goods =