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

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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 P_M and Q_M

Grand Farm’s demand curve and marginal revenue curve, labeled D_F and MR_F

Grand Farm’s quantity of output, labeled Q_F

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 P_M?

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 D_L and MR_L

The marginal cost and average total cost curves, labeled MC and ATC

The profit-maximizing price and quantity, labeled P_L and Q_L

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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