microeconomics practice test
Subject:
AP Microeconomics Multiple Choice: Choose the item that best answers each question.? Each question is worth an equal amount.? You have 90 minutes to complete this test.? ??????? 1.??? In which of the following instances will total revenue decline? ?????????????? A)?? price rises and supply is elastic ?????????????? B)?? price falls and demand is elastic ?????????????? C)?? price rises and demand is inelastic ?????????????? D)?? price rises and demand is elastic ??????? 2.??? The diamond-water paradox occurs because: ?????????????? A)?? the price of a product is related to its total utility, not its marginal utility. ?????????????? B)?? the price of a product is related to its marginal utility, not its total utility.
