An island off the coast of Africa contains a larger percentage of specialist species than generalist species. 22 terms. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. If not (and the TVM is the only consideration), what nominal rate will cause all of the banks to provide the same effective annual rate as Bank A? D) mutual interdependence The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. A) Both Amy's and Sam's will lower prices. E) eliminate negative externalities, D) control monopolies and maintain a competitive market environment, The closer income distribution moves toward complete equality, the closer the Lorenz curve moves to a), Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. B) a good is nonexcludable in consumption. define resources and the cause(s) of their scarcity, define how resource allocation is influenced by the economic system adopted by society, define (using graphs as appropriate) the production possibilities curve (PPC) and related terms, explain (using graphs as appropriate) how the production possibilities curve (PPC) illustrates opportunity costs, trade-offs, inefficiency, efficiency, and economic growth or contraction under various conditions, calculate (using data from PPCs or tables as appropriate) opportunity cost, define absolute advantage and comparative advantage, determine (using data from PPCs or tables as appropriate) absolute and comparative advantage, explain (using data from PPCs or tables as appropriate) how specialization according to comparative advantage with appropriate terms of trade can lead to gains from trade, calculate (using data from PPCs or tables as appropriate) mutually beneficial terms of trade, define opportunity cost and explain or calculate the opportunity costs associated with choices, explain a decision by comparing total benefits and total costs (using a table or a graph when appropriate), calculate total benefits and total costs (using a table or graph where appropriate), define the key assumptions of consumer choice theory, explain (using a table or graph as appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, calculate (using a table or a graph when appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, define marginal analysis and related terms, explain a decision using marginal analysis (using a table or a graph when appropriate), define (using graphs as appropriate) key terms and factors related to consumer decision making and the law of demand, explain (using graphs as appropriate) the relationship between price and quantity demanded and how buyers respond to incentives and constraints, explain (using graphs as appropriate) buyers responses to changes in incentives and constraints, define (using graphs as appropriate) the law of supply, explain (using graphs as appropriate) the relationship between price and quantity supplied, explain (using graphs as appropriate) producers (sellers) responses to changes in incentives and technology, explain (using graphs where appropriate) measures of elasticity and the impact of a given price change on total revenue or total expenditure, calculate (using data from a graph or a table as appropriate) measures of elasticity, define (using graphs as appropriate) market equilibrium, consumer surplus, and producer surplus, explain (using graphs as appropriate) how equilibrium price, quantity, consumer surplus, and producer surplus for a good or service are determined, calculate (using data from a graph or table as appropriate) areas of consumer surplus and producer surplus at equilibrium, explain (using graphs where appropriate) how changes in underlying conditions and shocks to a competitive market can alter price, quantity, consumer surplus, and producer surplus, calculate (using data from a graph or table as appropriate) changes in price, quantity, consumer surplus, and producer surplus in response to changes in market conditions or market disequilibrium, define forms of government price and quantity intervention, explain (using graphs where appropriate) how government policies alter consumer and producer behaviors that influence incentives and therefore affect outcomes, calculate (using data from a graph or table where appropriate) changes in market outcomes resulting from government policies, explain (using graphs where appropriate) how markets are affected by public policy related to international trade, calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from public policy related to international trade, Unit 3: Production, Cost, and the Perfect Competition Model, define (using graphs where appropriate) key terms and concepts relating to production and cost, explain (using graphs where appropriate) how production and cost are related in the short run and long run, calculate (using data from a graph or table as appropriate) the various measures of productivity and short-run and long-run costs, explain how firms respond to profit opportunities, define (using graphs or data as appropriate) the profit-maximizing rule, explain (using a graph or data as appropriate) the profit-maximizing level of production, explain (using graphs or data where appropriate) firms short-run decisions to produce positive output levels, or long-run decisions to enter or exit a market in response to profit-making opportunities, define (using graphs as appropriate) the characteristics of perfectly competitive markets and efficiency, explain (using graphs where appropriate) equilibrium and firm decision making in perfectly competitive markets and how prices in perfectly competitive markets lead to efficient outcomes, calculate (using data from a graph or table as appropriate) economic profit (loss) in perfectly competitive markets, define (using graphs where appropriate) the characteristics of imperfectly competitive markets and inefficiency, explain (using graphs where appropriate) equilibrium, firm decision making, consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets and why prices in imperfectly competitive markets cannot be relied on to coordinate the actions of all possible market participants and can lead to inefficient outputs, calculate (using data from a graph or table as appropriate) areas of consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets, define (using tables as appropriate) key terms, strategies, and concepts relating to oligopolies and simple games, explain (using tables as appropriate) strategies and equilibria in simple games and the connections to theoretical behaviors in various oligopoly market and non-market settings, calculate (using tables as appropriate) the incentive sufficient to alter a players dominant strategy, define (using graphs where appropriate) key terms and concepts relating to factor markets, explain (using graphs where appropriate) the relationship between factors of production, firms, and factor prices, calculate (using data from a graph or table where appropriate) the marginal revenue product and marginal resource cost, explain (using graphs where appropriate) firms and factors responses to changes in incentives and constraints, define (using graphs as appropriate) the characteristics of perfectly competitive factor markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, calculate (using data from a graph or table where appropriate) measures representing the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, define (using graphs as appropriate) the characteristics of monopsonistic markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, calculate (using data from a graph or table where appropriate) measures representing the profit maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, Unit 6: Market Failure and the Role of Government. The framework also encourages instruction E) Jan's real wage is $8 per hour at the end of the year. D) the vertical axis D) there are a small number of rival firms producing more differentiated products B) Myron gains, while the bank remains unaffected. Expert AP teachers across the country can support your course virtually: Supplement your instruction with 30-minute videos on each unit hosted by college or university professors. Fish that were in water with current CO2CO2 levels responded normally to the offending odor, but the fish from tanks with higher CO2CO2 levels didn't seem to mind or detect the smell. AP Psychology Practice Test: Sensation & Perception pdf download. B) there are a large number of rival firms producing more differentiated products Microeconomics Unit 3 questions & answers for quizzes and tests - Quizizz 4 min read december 12, 2021. Unit 5 Progress Check: MCQ. Which of the following is true in imperfectly competitive markets? Use Albert or a comparable practice tool to check your understanding of the key concepts that will appear on this years test. C) $10 billion course to see if you truly understand each of the units: Examples of Short Free-Response Questions, For more examples of previous FRQs, check out the College Board archive for, Get FRQs with included sample responses with a license to, To stay up to date and adjust your study plan accordingly, read our. Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. Which of the following best describes the pattern in the atmospheric CO2 concentration data over the past 200,000 years? Explain the tendency towards break-even in the long-run in perfect competition. How would each group be affected by an actual inflation rate of 4% next year? Q. [R]esearchers . Lower Prices Same Prices B) Art will lower prices, and Zeb will charge the same prices. were observed that enhanced the next generation's ability to cope with the new, warmer temperatures. SG_Unit2ProgressCheckMCQ.pdf - AP Macroeconomics Scoring Guide Unit 2 AP Microeconomics FRQ Practice - ReviewEcon.com After two weeks, the team ran a series of tests to see whether the fishes' sense of smell was affected. Which of the following is an example of a nonrival resource? B) Art will lower prices, and Zeb will charge the same prices. Skip to document. . PDF Unit 3 Progress Check: FRQ Part B - PCHS AP CALCULUS 12 terms. Explain. i. With these useful resources and practice, you'll feel confident and prepared to . stevalii. AP Microeconomics Test. Progress Check MCQ - AP CALCULUS Free-Response Question and Scoring Archive. What operations strategies are important at Girlfriend Collective? AP Microeconomics 95 resources. question does this decision answer in a free market economy. In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of Click to share this on Twitter & help others! D) This will harm borrowers with fixed-interest rate loans.