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It tests demand elasticity, shifts in demand and supply from cost changes, and properties of perfectly competitive firms. Additional sections evaluate market failure causes, profit-maximizing conditions across market structures, comparative/absolute advantage via PPFs, and antitrust landmark acts.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/microeconomics-practice-test/440957/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/microeconomics-practice-test/440957.png","ImageObject",300,407,{"name":92,"@type":93},"mieayamfan","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-14","2026-09-29",true,{"@type":102,"interactionType":103,"userInteractionCount":19},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What set of questions must every economic system answer?","Question",{"text":112,"@type":113},"Every economic system must address what to produce, how to produce, and for whom to produce. Options that include the needed production/allocation questions are correct based on the test’s structure.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does a procedure that reduces the cost of making Frisbees affect supply and demand?",{"text":117,"@type":113},"Reduced production costs shift the supply curve to the right. Demand generally does not change because the procedure affects cost of production, not consumers’ preferences or income.",{"name":119,"@type":110,"acceptedAnswer":120},"In a perfectly competitive industry, what relationship holds between average revenue and marginal revenue?",{"text":121,"@type":113},"Average revenue equals marginal revenue in perfect competition, as revenue per unit is determined by the market price and each additional unit sells at the same price.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},440957,1790811997,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":19,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145},962090893677,"https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2","6  \nMicroeconoMics Practice test  \nMICROECONOMICS  \nSection I  \nTime—70 Minutes  \n60 Questions  \nDirections: Each of the question or incomplete statements below is followed by five suggested answers or completions. Select the one that is best in each case and then fill in the corresponding oval on the answer sheet.  \n1. Which of the following constitute the fundamental questions every economic system must answer?  \nI. What goods and services will be produced?  \nII. How will they be produced?  \nIII. When will they be produced?  \nIV. For whom will they be produced?  \nV. Where will they be produced?  \n(A) I, III, and V only  \n(B) I, II, and IV only  \n(C) I, II, and V only  \n(D) II, IV, and V only  \n(E) II, III, and IV only  \n2. Labor, human capital, entrepreneurship, natural resources, and physical capital are all examples of which of the following?  \n(A) Public goods  \n(B) Inferior goods  \n(C) Factors of production  \n(D) Outputs  \n(E) Substitutes in production  \nGO ON TO THE NEXT PAGE.  \n1 6 5  \nPrice  \nQuantity  \nA  \nB  \nE  \nD  \n3. In the figure above, consumer surplus is represented by the area  \n(A) OACE  \n(B) BCD  \n(C) ACD  \n(D) ABC  \n(E) BCEO  \n4. The law of diminishing marginal utility is most useful for explaining the  \n(A) law of supply  \n(B) law of demand  \n(C) curvature of the total cost curve  \n(D) shape of the production possibilities frontier  \n(E) diminishing marginal product of capital  \n\n| Number of\u003Cbr>Workers | Total Gyros\u003Cbr>per Hour |\n| --- | --- |\n| 1 | 4 |\n| 2 | 10 |\n| 3 | 17 |\n| 4 | 22 |\n| 5 | 25 |\n\n5. The table above provides the total number of workers and the resulting total output of Gyros Unlimited per hour, holding all other inputs constant. Which of the following statements can be made with certainty based on the available information?  \n(A) The firm faces decreasing returns to scale.  \n(B) Diminishing marginal returns begin when the second worker is hired.  \n(C) The firm faces increasing returns to scale.  \n(D) The firm should not hire five workers.  \n(E) Diminishing marginal returns begin when the fourth worker is hired.  \n6. The owner of a competitive firm making zero economic profit  \n(A) should consider shutting down because she could make more elsewhere  \n(B) is making less than normal profits  \n(C) is making exactly what she would make in her next best alternative job  \n(D) will most likely make more profits in the long run  \n(E) is making serious resource allocation errors  \n7. Which of the following is more likely to result from a competitive market structure than from a monopoly making the same product?  \n(A) Price equal to marginal cost  \n(B) Relative welfare loss  \n(C) Relatively high price  \n(D) Relatively low quantity  \n(E) Relatively inferior quality  \nGO ON TO THE NEXT PAGE.  \n1 6 6 􀁮 CRACKING THE AP ECONOMICS MACRO & MICRO EXAMS  \n8. Which of the following is likely to have the most elastic demand?  \n(A) A good with a vertical demand curve  \n(B) Cigarettes  \n(C) All types of soda pop  \n(D) Sprite  \n(E) Life-sustaining pills  \n9. What are the effects on the supply and demand curves for Frisbees if a new procedure reduces the cost of making Frisbees?  \nDemand Curve  Supply Curve  \n(A) Shifts right Shifts right  \n(B) No change Shifts left  \n(C) No change Shifts right  \n(D) Shifts left Shifts right  \n(E) Shifts right Shifts left  \n10. Which of the following statements is true for a firm in a perfectly competitive industry?  \n(A) Total revenue increases and then decreases.  \n(B) Marginal revenue is decreasing.  \n(C) Average revenue is initially negative and then becomes positive.  \n(D) Marginal revenue is increasing.  \n(E) Average revenue equals marginal revenue.  \n11. Which of the following will shift the supply curve for textbooks to the left?  \n(A) A decrease in the demand for a substitute in production  \n(B) A decrease in the number of buyers  \n(C) An increase in printing costs  \n(D) Expectations of future surpluses  \n(E) A decrease in taxes on textbook suppliers  \n12. In the absence ","cbCaieJ4vQeDtZBH","https://ap.wps.com/l/cbCaieJ4vQeDtZBH","pdf",939608,13,"English","# Microeconomics Practice Test\n## Section I: Time—70 Minutes (60 Questions)\n## Directions\n## Questions 1-17","[{\"question\":\"What set of questions must every economic system answer?\",\"answer\":\"Every economic system must address what to produce, how to produce, and for whom to produce. Options that include the needed production/allocation questions are correct based on the test’s structure.\"},{\"question\":\"How does a procedure that reduces the cost of making Frisbees affect supply and demand?\",\"answer\":\"Reduced production costs shift the supply curve to the right. Demand generally does not change because the procedure affects cost of production, not consumers’ preferences or income.\"},{\"question\":\"In a perfectly competitive industry, what relationship holds between average revenue and marginal revenue?\",\"answer\":\"Average revenue equals marginal revenue in perfect competition, as revenue per unit is determined by the market price and each additional unit sells at the same price.\"}]","Microeconomics Practice Test | PDF",1790694093,33]