Long-run Market Equilibrium

Practice Questions

AP Microeconomics › Long-run Market Equilibrium

Questions
10
1

As consumption of a particular good increases, the satisfaction gained from consuming one additional unit of the good eventually ___________.

2

As consumption of a particular good increases, the satisfaction gained from consuming one additional unit of the good eventually ___________.

3

If good X and good Y are substitutes, an increase in the price of good X will lead to which of the following?

4

If good X and good Y are substitutes, an increase in the price of good X will lead to which of the following?

5

A price ceiling that is set above the market equilibrium price is likely to have which of the following effects, if any?

6

A price ceiling that is set above the market equilibrium price is likely to have which of the following effects, if any?

7

To maximize profits, firms produce at the level at which _________.

8

If the market for Good X is in equilibrium, which of the following would NOT cause a decrease in demand for Good X?

9

If the market for Good X is in equilibrium, which of the following would NOT cause a decrease in demand for Good X?

10

For any firm, the long run refers to a period of time in which ________.

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