2013 AP Microeconomics微观经济真题Practice Exam系列之简答题免费下载
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2013 AP Microeconomics Practice Exam Free-Response Questions Free Download
2013 AP 微观经济模考简答题部分免费下载
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1）Rice is produced in a perfectly competitive industry. Grand Farm is a typical firm in the rice industry earning a positive economic profit.
Using correctly labeled side-by-side graphs for the rice industry and Grand Farm, show each of the following in the short run.
The industry price and quantity, labeled PM and QM
Grand Farm’s demand curve and marginal revenue curve, labeled DF and MRF
Grand Farm’s quantity of output, labeled QF
Grand Farm’s profit, shaded completely
In the long run, what happens to each of the following?
The number of firms in the industry. Explain.
The equilibrium price; does it increase, decrease, or remain the same relative to PM?
Suppose Lori’s Quick Eats sells fried rice in a monopolistically competitive fast-food industry. Lori’s Quick Eats is earning positive economic profits in the short run. Using a correctly labeled graph for this monopolistically competitive firm, show each of the following in the short run.
The demand and marginal revenue curves, labeled DL and MRL
The marginal cost and average total cost curves, labeled MC and ATC
The profit-maximizing price and quantity, labeled PL and QL
Draw a correctly labeled graph for Lori’s Quick Eats in long-run equilibrium showing the demand curve and the long-run average total cost curve.
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