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  2. AP Microeconomics
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Imperfect Competition

Question 1
MicroeconomicsAPConcept Practice
1 mark

Which of the following is a key characteristic of monopolistic competition?

Question 2
MicroeconomicsAPConcept Practice
1 mark

Which of the following is the MOST likely example of a barrier to entry that leads to imperfect competition?

Question 3
MicroeconomicsAPConcept Practice
1 mark

Which of the following is a characteristic of a monopoly?

Question 4
MicroeconomicsAPConcept Practice
1 mark

Suppose a monopoly faces a demand curve of P=100−QP = 100 - QP=100−Q and has a constant marginal cost of $20. What is the deadweight loss associated with this monopoly?

Question 5
MicroeconomicsAPConcept Practice
1 mark

A natural monopoly experiences economies of scale such that its average total cost (ATC) is always decreasing. If the government regulates the monopoly using average cost pricing, which of the following will occur?

Question 6
MicroeconomicsAPConcept Practice
1 mark

Which condition is NOT necessary for a firm to successfully price discriminate?

Question 7
MicroeconomicsAPConcept Practice
1 mark

Compared to a single-price monopolist, a perfectly price-discriminating monopolist will:

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Question 8
MicroeconomicsAPConcept Practice
1 mark

Suppose a monopolist can perfectly price discriminate. If the firm's marginal cost is constant at 10,andthedemandcurveisgivenby10, and the demand curve is given by10,andthedemandcurveisgivenbyP = 50 - Q$, what is the firm's profit?

Question 9
MicroeconomicsAPConcept Practice
1 mark

In the long run, a firm in monopolistic competition will typically:

Question 10
MicroeconomicsAPConcept Practice
1 mark

A monopolist maximizes profit by producing at the quantity where: