2019 AP Microeconomics Practice Exam Questions With Complete Solutions Which of the following is a defining characteristic of a market economy? - Correct Answers ✅Private ownership of resources The Table shows the maximum possible output combination of good X and good Y that Microland can produce using all of its resources and technology. As the production of good X increases, what happens to the opportunity cost of producing good X. - Correct Answers ✅It increases, because the production of good Y decreases by greater amounts An increase in the supply of good X resulted in an increase in the price and quantity of good Y. It can be concluded that good Y is - Correct Answers ✅a complement for good X Which of the following will shift the supply curve for apples to the right - Correct Answers ✅a decrease in the rental price for apple harvesting equipment Which of the following relationships among the price elasticity of demand, change in price, and change in total revenue is consistent - Correct Answers ✅Inelastic Decrease Decrease Which of the following best describes how a consumer maximizes total utility from the consumption of a bundle of goods and services - Correct Answers ✅By choosing the 1 / 2
2019 AP Microeconomics Practice Exam Questions With Complete Solutions combination of goods such that the marginal utility per dollar spent on the last unit of each good is equal The marginal benefit of consuming a good is - Correct Answers ✅the maximum amount a consumer is willing to pay for one more unit of the good The economic concept of total consumer surplus refers to which of the following - Correct Answers ✅the sum of the differences between the prices that consumers are willing to pay for a good or service and the price they actually pay The table below is partially filled in with the different types of costs for a firm. Based on the information in the table, what is the marginal cost of producing the second unit - Correct Answers ✅$50 How many units of output should a firm with the cost and demand curves shown above produce to maximize profit - Correct Answers ✅Q3 Currently, XYZ corporation can produce 50 units of output using 20 workers and 8 units of capital. Which of the following changes in the number of workers, units of capital, and quantity of output are consistent with constant returns to scale - Correct Answers ✅10 4 25
- / 2