AP Micro-Style Practice 2

A firm's marginal cost is $6 and its average total cost is$8 at the current output. Average total cost is:

In the short run, a perfectly competitive firm will shut down if price is below:

A monopolist with demand P = 30 - 2Q and constant MC = 6 maximizes profit at quantity:

The profit-maximizing price for the monopolist above is:

In long-run competitive equilibrium, firms produce where:

Which market structure has the most elastic firm-level demand?

A firm doubles all inputs and output rises by 50%. This firm has:

If a competitive firm's total revenue is $500 and total cost is$450 (including implicit costs), economic profit is:

A natural monopoly is best regulated by:

Deadweight loss from monopoly equals: