2016 AP Microeconomics MCQ - AP在线课程平台

1. Opportunity cost is defined as:

A. The value of the next best alternative forgone B. The monetary cost of a decision C. The total cost of all alternatives D. The sunk cost of a decision

2. A firm experiencing economies of scale has:

A. Decreasing long-run average total cost B. Increasing long-run average total cost C. Constant long-run average total cost D. Decreasing marginal cost

3. The Lorenz curve is used to show:

A. Income distribution B. Supply and demand equilibrium C. Production possibilities D. Consumer preferences

4. Price discrimination works best when:

A. The firm can separate consumers with different elasticities B. All consumers have the same elasticity C. There is no market power D. The good is a necessity

5. In a Nash equilibrium:

A. Each player's strategy is optimal given the other player's strategy B. Both players maximize joint profit C. Only one player is optimizing D. The outcome is always efficient