1. AP Microeconomics

2. Supply and Demand At the Margin To market we go Price taker, heart breaker Factor This! 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500

3. Supply & Demand for 100 Question: The law of this says that price and quantity are inversely related Check Your Answer

4. Supply & Demand for 100 Answer: Demand Back to the Game Board

5. Supply & Demand 200 Question: Of shortage and surplus, the one caused by a price floor Check Your Answer

6. Supply & Demand for 200 Answer: Surplus Back to the Game Board

7. Supply & Demand for 300 Question: If an increase in the price of sugar causes an decrease in demand for cream, the two goods have this relationship to each other. Check Your Answer

8. Supply & Demand for 300 Answer: Complimentary Goods Back to the Game Board

9. Supply & Demand for 400 Question: This double shift causes an increase in price and an indeterminate effect on quantity Check Your Answer

10. Supply & Demand for 400 Answer: Decrease supply, increase demand Back to the Game Board

11. Supply & Demand for 500 Question: A sales tax increase has these effects on supply, demand, price, quantity Check Your Answer

12. Supply & Demand for 500 Answer: decrease S, no change D, increase P, decrease Q Back to the Game Board

13. Factor This!for 100 Question: These are the four factors of production Check Your Answer

14. Factor This! for 100 Answer: land, labor, capital, entrepreneurial ability Back to the Game Board

15. Factor This !for 200 Question: A firm wishing to maximize profit would hire this quantity of a resource. Check Your Answer

16. Factor This! for 200 Answer: MRP = MRC Back to the Game Board

17. Factor This for 300 Question: A firm that can hire as many workers as it wants at the equilibrium wage is operating in this type of labor market. Check Your Answer

18. Factor This for 300 Answer: Perfectly Competitive Back to the Game Board

19. Factor This for 400 Question: For a monopsonistic firm, this is the relationship between supply for a resource and its MRC. Check Your Answer

20. Factor This for 400 Answer: MRC > S Back to the Game Board

21. Factor This for 500 Question: A firm using 2 resources, and wishing to minimize costs for a particular quantity of production, would spend its last dollar on each resource so that these were equal. Check Your Answer

22. Factor This for 500 Answer: MP L /P L = MP C /P C Back to the Game Board

23. Price taker,heart breaker for 100 Question: Unlike firms attempting to enter a monopolized market, firms in a perfectly competitive market face none of these. Check Your Answer

24. Price taker,heart breaker for 100 Answer: Barriers to entry Back to the Game Board

25. Price Taker, Heart Breaker for 200 Question: Product price for a firm in perfect competition is established here Check Your Answer

26. Price Taker, Heart Breaker for 200 Answer: The Market Back to the Game Board

27. Price Taker, Heart Breaker for 300 Question: For a perfectly competitive firm, this is the relationship between price and marginal revenue Check Your Answer

28. Price Taker, Heart Breaker for 300 Answer: Equal Back to the Game Board

29. Price Taker, Heart Breaker for 400 Question: The demand graph for a perfectly competitive firm has this elasticity Check Your Answer

30. Price taker, Heart breaker for 400 Answer: Perfectly Elastic Back to the Game Board

31. Price taker, Heart breaker for 500 Question: Above AVC, this graph is the same as the firm’s supply graph Check Your Answer

32. Price taker, Heart Breaker for 500 Answer: MC Back to the Game Board

33. To Market we go for 100 Question: Of monopolistic competition and oligopoly, the market which has fewer dominant firms Check Your Answer

34. TO market we go for 100 Answer: Oligopoly Back to the Game Board

35. To market we go for 200 Question: The prisoner’s dilemma helps explain the actions of firms in this market Check Your Answer

36. TO market we go for 200 Answer: oligopoly Back to the Game Board

37. TO market we go for 300 Question: The 2 markets in which a firm earns a normal profit at long-run equilibrium Check Your Answer

38. TO market we go for 300 Answer: Perfect competition, monopolistic competition Back to the Game Board

39. TO market we go for 400 Question: This is the relationship in any less competitive market between average revenue and marginal revenue. Check Your Answer

40. TO market we go for 400 Answer: AR > MR Back to the Game Board

41. To market we go for 500 Question: If a monopolist is to be able to practice perfect price discrimination, these 2 additional conditions must be present Check Your Answer

42. To market we go for 500 Answer: Buyer segregation and no resale Back to the Game Board

43. At the Margin for 100 Question: To maximize profit or minimize cost, a firm should produce that quantity such that this is true. Check Your Answer

44. At the Margin for 100 Answer: MR = MC Back to the Game Board

45. At the Margin for 200 Question: The fact that consumer satisfaction decreases as additional units of a product are consumed is explained by this economic law. Check Your Answer

46. At the Margin for 200 Answer: Law of Diminishing Marginal Utility Back to the Game Board

47. At the Margin for 300 Question: This term is found by calculating the change in total revenue brought about by hiring an additional unit of a resource. Check Your Answer

48. At the Margin for 300 Answer: Marginal Revenue Product Back to the Game Board

49. At the Margin for 400 Question: Price will be equal to this when a firm is producing a quantity at which allocative efficiency is achieved. Check Your Answer

50. At the Margin for 400 Answer: Marginal Cost Back to the Game Board

51. At the Margin for 500 Question: The mirror image of marginal cost, this will increase, diminish, and then become negative as additional units of a variable resource are added to a fixed resource. Check Your Answer

52. At the margin for 500 Answer: Marginal Product Back to the Game Board