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AP Microeconomics graphing and FRQ technique quiz quiz

13questions. Pick an answer and you'll see why right away.

  1. On an AP supply and demand graph, what belongs on the vertical and horizontal axes?

  2. A fall in a good's own price causes which of the following?

  3. To find the price a single-price monopolist charges, you should read up from the MR = MC quantity to which curve?

  4. A price rises from 8to8 to 12 and quantity demanded falls from 600 to 400. Using the midpoint formula, what is the price elasticity of demand?

  5. Consumer surplus on a supply and demand graph is the area...

  6. A firm's MR = MC at 40 units; at 40 units the price is 18andaveragetotalcostis18 and average total cost is 12. What is total profit?

  7. Both the demand and supply curves shift to the right (both increase). Which outcome is indeterminate without more information?

  8. The marginal cost curve intersects the average total cost and average variable cost curves at...

  9. A worker's marginal product is 6 units and the firm sells output competitively at $7. What is the worker's marginal revenue product?

  10. Under perfect (first-degree) price discrimination, what happens to the deadweight loss?

  11. For a monopsony, once employment is set where MRP = MFC, the wage is read off which curve?

  12. On a free-response question, the task verb Calculate requires you to...

  13. A negative production externality (such as pollution) means that, compared with the efficient outcome, the free market will...