FINAL AP Microeconomics Semester Exam

Which of the following is not generally regarded as a barrier to entry?

As income increases, the demand for a normal good ________.

Deadweight loss is the _____ to former consumer and producer surplus in excess of total revenue of the tax.

Increase in demand refers to a shift in the ______ curve.

Compared to a market economy, in a command economy there is greater

Identify factors of Determinants of Demand

In a market equilibrium it

Law of Supply is holding all equal in which when a price of a good rises , then suppliers will__________ their quantity.

Which of the following correctly describes the income effect associated with the law of demand?

In the long run, a monopolistically competitive firm will make

Shifts in demand occur due to

Shifts in supply occur due to

Identify the Determinants of Supply

Which of the following best explains why individuals and societies must make choices when presented with alternatives?

An _________ is an industry in which a few firms sell a standardized or differentiated product.

Explain why Price Discrimination occurs when a company can charge different prices to different consumers

Interdependence among firms is a characteristic associated with a labor market.

A monopoly is the sole provider of a unique good.

Game theory can be used in an oligopoly by increasing their profits through collusion.

Identify one of the four market models