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AP Microeconomics Unit 3 Practice Test

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About this Exam

Prepare with the AP Microeconomics Unit 3 Practice Test practice quiz. This question bank includes 24 questions covering cost, firm, marginal, average, and output. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
If a firm’s average total cost curve is increasing as output increases, the firm’s marginal cost must be
greater than average total cost.
a price taker.
if MC is greater than ATC and AVC, then ATC and AVC must be increasing.
This is short-run diminishing marginal returns.
Explanation:
Correct answer: greater than average total cost.
Question 2
A profit-maximizing, perfectly competitive firm is producing where marginal revenue is greater than the marginal cost. What actions should this firm take?
The firm is earning economic profits, and firms will enter the industry in the long run.
Increase the quantity they are producing
MC = MR.
a price taker.
Explanation:
Correct answer: Increase the quantity they are producing
Question 3
The table refers to the quantity of hamburgers that can be produced in a day. What is the marginal product of the 4th worker?
12
16
15
18
Explanation:
Correct answer: 15
Question 4
There are economies of scale when
The firm is earning economic profits, and firms will enter the industry in the long run.
Price = minimum average variable cost.
price < AVC.
long-run average total cost decreases as output increases.
Explanation:
Correct answer: long-run average total cost decreases as output increases.
Question 5
With capital fixed at one unit with 1, 2, 3 units of labor added in equal successive units, production of the output increases from 300 (1 unit of labor) to 350 (2 units of labor) to 375 (3 units of labor). Which of the following is a correct interpretation?
This is short-run diminishing marginal returns.
average fixed costs.
greater than average total cost.
MC intersects AVC and ATC at their minimum points.
Explanation:
Correct answer: This is short-run diminishing marginal returns.

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Additional Information

AP Microeconomics Unit 3 Practice Test

This practice set contains 24 questions from the matching question bank and focuses on cost, firm, marginal, average, and output. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Frequently Asked Questions

This quiz contains a total of 24 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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