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The Nature and Function of Product Markets
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The Nature and Function of Product Markets
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25 Questions

1. If price is rising to the break-even point as more and more firms exit the market, then
2. A business organization that operates and owns multiple plants is known as a(n)
3. An airline may identify a specific group of people and charge them a different rate. This is known as
4. The difference between the interests of owners and managers in a firm would be considered what kind of problem?
5. Mr. Harrington produces hot dog buns. He is most likely to sell his hot dog buns at a higher price if
6. If a cartel comes into existence, the most likely outcome would be that
7. If the long-run average cost curve is constant over a variety of plant sizes, this is known as
8. The law of diminishing marginal utility refers to
9. If prices fall below AVC, what should a firm decide to do?
10. Use the following diagram to answer questions 90 and 91. The preceding diagram represents which type of market structure?
11. Establishing an effective price floor would help
12. The key difference between the short run and the long run is that the short run
13. An organization that employs factors of production to produce a good or service is known as a
14. The government establishes a price ceiling on Good X above the equilibrium price. The result would
15. The idea of limited liability is a significant factor to which type of business organization?
16. Which of the following shows the profit-maximizing point for all types of market structures?
17. If the price of cigarettes increases, we would expect
18. Richard and Michelle enjoy going to the museum. During the month of April, the museum is exhibiting works on 20th-century feminism and is offering the admission price to women as half off. Richard must pay full price for admission. This is an example of
19. Which of the following refers to an indifference curve?
20. Monopoly dead weight loss is caused by
21. Danielle decides to withdraw her savings of $70,000 and invest in starting her own clothing business. She normally earns $3,000 in interest from her savings. If Danielle earned an accounting profit of $60,000 last year, what was her economic profit?
22. Suppose you pick up the latest edition of The Economist and read that Company Z, a producer of cigarettes, recently purchased 8 out of the 10 biggest farms that produce tobacco. Since you are a very good AP Economics student, you realize immediately that Company Z is attempting to
23. Since the monopolist has many barriers to entry and no competition, he or she has price-setting ability. This is also known as
24. Doherty Industries is a leading producer of an energy drink. Which of the following will cause Doherty Industries to offer more of the product at all possible sale prices?
25. All of the following are variable production inputs EXCEPT

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