AP Microeconomics Unit 4: Imperfect Competition Practice Test
AP Microeconomics Unit 4: Imperfect Competition Practice Test
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Question 1 of 19
1. Question
The market for space travel has the possibility to be very profitable, but it is also likely to be imperfectly competitive.
Which of the following is the most likely reason that the space travel industry is imperfectly competitive?CorrectIncorrect -
Question 2 of 19
2. Question
Which of the following is true about an imperfectly competitive firm’s marginal revenue (MR) curve if it has a linear and downward-sloping demand curve?
CorrectIncorrect -
Question 3 of 19
3. Question
Petunia’s Pears sells pear cider. There is only one other seller in the market.
What kind of industry is the market for pear cider ?CorrectIncorrect -
Question 4 of 19
4. Question
What price will a single price monopolist charge based on this graph?
CorrectIncorrect -
Question 5 of 19
5. Question
Mammoth Inc. sells computers in a monopoly market.
Which of the following is true about this market?CorrectIncorrect -
Question 6 of 19
6. Question
Which of the following best describes the relationship between the demand curve (D) and the marginal revenue curve (MR) for a monopoly firm that has a downward sloping linear demand curve?
CorrectIncorrect -
Question 7 of 19
7. Question
Which of the following describes why monopolists do not produce the allocatively efficient quantity, but a perfectly competitive firm does?
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Question 8 of 19
8. Question
If a government imposes a lump-sum tax on a monopoly, which curve is affected?
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Question 9 of 19
9. Question
All of the following are allocatively efficient EXCEPT which option?
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Question 10 of 19
10. Question
The graph shown here illustrates the demand curve, marginal revenue curve, and the cost curves for a profit-maximizing monopolist with constant costs.
If this monopolist can price discriminate, what is the value of its total revenue?CorrectIncorrect -
Question 11 of 19
11. Question
Which of the following best defines perfect price discrimination?
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Question 12 of 19
12. Question
Which of the following correctly describes economic profits and allocative efficiency for a firm in monopolistic competition in long-run equilibrium?
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Question 13 of 19
13. Question
Which of the following best describes what happens when firms enter an industry with monopolistic competition?
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Question 14 of 19
14. Question
Advertising is most likely to be used in which kind of market?
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Question 15 of 19
15. Question
Which of the following is a similarity between monopoly and monopolistic competition?
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Question 16 of 19
16. Question
Prairie Glen and Mountain View sell flavored fizzy water in a market where they are the only two sellers. Each is considering what actions to undertake in the following week. The payoff matrix shown here shows each firm’s daily profits for each combination of actions.
Which of the following best describes each firm’s dominant strategy?CorrectIncorrect -
Question 17 of 19
17. Question
Which of the following is a key difference between monopolistic competition and oligopoly?
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Question 18 of 19
18. Question
Which of the following lists shows the types of market ordered from highest to lowest market quantity?
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Question 19 of 19
19. Question
Which of the following illustrates the demand curve facing an oligopolist when rival firms follow a price decrease but not a price increase?
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