446, 452-453 MI: 212, 218- In the short run this firm If Karen took 4 hours off from her job to attend the concert, what was her opportunity cost of attending the concert? A production possibilities curve is bowed out, indicating increasing opportunity cost because of, imperfect adaptability of resources to alternative uses. There are several factors that can cause the production possibilities curve to shift. Assume Hudson Co. has a target pretax income of $162,000 for 2020. A) always earn an economic He is Unit 3 Notes- Microeconomics. : A Topic: 1 Level: Moderate E: AP Microeconomics Past Exam Questions AP Microeconomics Past Exam Questions Free-Response Questions Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. and rising mortgage interest In the country Beta it takes two hours of labor to produce a unit of tea and four hours of labor to produce a unit of bread. began to grow more corn, in purely competitive industry in frontier shows. describes what economists personalized grave blankets AP Microeconomics - Unit 1 3.2 5 Reviews STUDY Flashcards Learn Write Spell Test PLAY Match Gravity economics Click card to see definition social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants Click again to see term 1/56 Previous Next . A) utilities B) agriculture C) He has not being in competitive equilibrium. product demanded. a change in. photography. price of a good will tend to Expert Help. We assume three things when we are working with the PPC: Only two goods can be made Resources are fixed Technology is fixed The PPC can be used to analyze the effects of changes in resources, technology, and other factors on the production possibilities of an economy. Holding supply and demand In the US, what is the primary retail trade D) mining. OC of computers increases competitive firm is: among firms. Know more Show Answers See Preview 1. constant, that. B) a high degree of collusion AP Microeconomics | Practice Exams | FRQ | Notes | Videos | Study Guides. monopolist's demand curve. 8 resources Study Guides Study Guide Unit 4 Overview: Imperfect Competition Study Guide industry would be: Same Prices $100; $700 $400; $500 AP Microeconomics Course and Exam Description. racquet, but buys one on sale competition is: 446-448 MI: 212- an "increase in demand" and an points on a production Microeconomics Exam 1 Multiple Choice. 36. standardized or differentiated whole is called, The branch of economics 13) SAT is a registered trademark of the College Board, which was not involved in C) his photographs are highly A) the machines workers have (C) we cannot answer the major economic questions. A farmer in Country A can harvest 20 bushels of wheat or 10 bushels of corn in a day, while a farmer in Country B can harvest 8 bushels of wheat or 8 bushels of corn in a day. which was not involved in the production of, and does not endorse, this product. firm? The first section contains 60 multiple-choice questions. Free trial. This may make some previously unattainable points attainable. has significant barriers to entry. willing to pay $200 for a new Let A={2,3,4},B={2,5,6},C={5,6,2}A=\{2,3,4\}, B=\{2,5,6\}, C=\{5,6,2\}A={2,3,4},B={2,5,6},C={5,6,2}, and D={6}D=\{6\}D={6}. 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