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AP Micro Unit 4 Practice Test: Imperfect Competition

This AP Micro Unit 4 practice test covers imperfect competition. It includes analysis of imperfectly competitive market structures including monopoly, monopolistic competition, and oligopoly. This unit also includes analysis of price discrimination and the use of game theory to analyze firm behavior in oligopoly markets.

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	Output	Consumer Surplus
(A)	Decrease	Decrease
(B)	Decrease	Increase
(C)	Increase	Increase
(D)	Increase	Decrease to zero
(E)	Increase	No change

		Flying Pig Company
		Advertise	Don’t Advertise
Scott Company	Advertise	$50, $50	$200, $25
Scott Company	Don’t Advertise	$25, $200	$100, $100

	Scott Company	Flying Pig Company
(A)	$50	$50
(B)	$25	$200
(C)	$200	$25
(D)	$100	$100
(E)	$200	$200

Free AP Microeconomics Tests

AP Micro Practice Tests

Full-Length AP Micro Practice Exam

AP Micro Unit 4 Practice Test: Imperfect Competition

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1. Question

Compared to a perfectly competitive firm in long-run equilibrium, a monopoly producer will profit maximize by

2. Question

A monopoly producer differs from a perfectly competitive producer in the long run in that

3. Question

Compared to perfectly competitive markets in the long run, single-price monopoly producers

4. Question

Which of the following is a source of monopoly market power?

5. Question

What leads to a natural monopoly?

6. Question

The marginal revenue curve for a single-price monopolist is

7. Question

An unregulated, single-price monopolist that is profit-maximizing

8. Question

What would happen to output and consumer surplus if an unregulated, single-price monopolist gained the ability to perfectly price discriminate?

9. Question

What does it mean for a firm to be able to perfectly price discriminate?

10. Question

A firm in a monopolistically competitive market at long-run equilibrium is similar to a perfectly competitive firm at long-run equilibrium in that,

11. Question

Why is the demand curve for a monopolistically competitive firm downward sloping?

12. Question

At the long-run equilibrium, what is a true of a firm in a monopolistically competitive market that is maximizing profits?

13. Question

What is true of the profit level earned by a monopolistically competitive firm at long-run equilibrium?

14. Question

Monopolistically competitive markets exhibit all of the following characteristics EXCEPT:

15. Question

How are oligopoly markets different from monopolistically competitive markets?

16. Question

Which market structure is characterized by mutual interdependence and the tension between cooperate and self-interest?

17. Question

In which market structure is game theory most likely to be used to determine the output and pricing decisions of market participants?

18. Question

The two firms below are deciding whether or not to advertise their products. The profit for each firm depends in part on the other firm’s decision. The first entry in each space is the profit for the Scott Company. The second entry is the profit for the Flying Pig Company.

If the two firms do not cooperate, what will the profits for each company be?

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