Among its best known programs are the sat the

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Unformatted text preview: mong its best-known programs are the SAT®, the PSAT/NMSQT™, the Advanced Placement Program® (AP®), and Pacesetter®. The College Board is committed to the principles of equity and excellence, and that commitment is embodied in all of its programs, services, activities, and concerns. Copyright © 2001 by College Entrance Examination Board. All rights reserved. College Board, Advanced Placement Program, AP, and the acorn logo are registered trademarks of the College Entrance Examination Board. 2001 AP® MICROECONOMICS FREE-RESPONSE QUESTIONS MICROECONOMICS Section II Planning time—10 minutes Writing time—50 minutes Directions: You have fifty minutes to answer all three of the following questions. It is suggested that you spend approximately half your time on the first question and divide the remaining time equally between the next two questions. In answering the questions, you should emphasize the line of reasoning that generated your results; it is not enough to list the results of your analysis. Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. 1. (a) Assume that a profit-maximizing firm in a perfectly competitive industry is earning economic profits. For a given market price, draw a correctly labeled graph and show each of the following for a typical firm in this perfectly com...
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