Access over 20 million homework & study documents

ap Micro 4.3.5 test

Content type
User Generated
Rating
Showing Page:
1/4

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/4

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/4

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 4 pages?
Access Now
Unformatted Attachment Preview
AP Microeconomics Test: Firm Production, Costs, and Revenue Page 1 of 4 Full Name: __________________________________ User Name:________________________ Date:__________ (print clearly) Directions • • Neatly write your responses in the spaces provided. Use a blue or black pen. Don't write in the margins. Remember to complete the submission information on every page you turn in. Free-Response Questions 1. Marvin owns Merry Marvin's Merry-Go-Rounds. He works out of the garage at his home. Since his business is booming, he uses the whole garage to make and sell merry-go-rounds A. What is the opportunity cost of using his garage to build merry-go-rounds? Give a specific definition of opportunity cost, and then provide an example of Marvin's opportunity cost. (3 points) Opportunity cost is the value of the next best alternative when making a decision. Marvin's opportunity cost is losing the space of the garage to store his cars and anything else he may want to keep in there. B. If Marvin hires an accountant to determine his profits, his accountant is likely to determine a higher profit than Marvin would determine if he used economic theory to determine his profit. What is the ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Just what I needed. Studypool is a lifesaver!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Documents