
Economic Profit and Externalities
Interactive Video
•
Business
•
11th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary focus of the 2009 AP Microeconomics FRQ question discussed in the video?
Perfect competition
Monopolistic competition
Monopolists
Oligopoly
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of a monopolist, where is the profit-maximizing quantity determined?
Where demand equals supply
Where marginal cost equals average total cost
Where marginal revenue equals marginal cost
Where price equals marginal cost
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a lump sum subsidy affect the profit-maximizing quantity for Cable Now?
It has no impact on the quantity
It decreases the quantity
It doubles the quantity
It increases the quantity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a lump sum subsidy on marginal cost?
Decreases marginal cost
Eliminates marginal cost
Increases marginal cost
No change in marginal cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the government requires Cable Now to produce at zero economic profit, what is the relationship between demand and average total cost?
Demand is less than average total cost
Demand is greater than average total cost
Demand equals average total cost
Demand is unrelated to average total cost
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the nature of accounting profit when economic profit is zero?
Undefined
Negative
Zero
Positive
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do external benefits associated with watching TV affect the socially optimal quantity of cable services?
They decrease the socially optimal quantity
They have no effect on the socially optimal quantity
They increase the socially optimal quantity
They make the socially optimal quantity zero
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