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College Board, Advanced Placement, AP, AP Central, and the acorn logo are registered trademarks of College Board. Visit College Board on the web: [collegeboard.org](collegeboard.org).  \n[AP Central is the official online home for the AP Program: apcentral.collegeboard.org](AP Central is the official online home for the AP Program: apcentral.collegeboard.org).  \nAP® Microeconomics 2024 Free-Response Questions  \nMICROECONOMICS  \nSECTION II  \nTotal Time—1 hour  \nReading Period—10 minutes  \nWriting Period—50 minutes  \n3 Questions  \nDirections: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. You will then have 50 minutes to answer all three of the following questions. You may begin writing your responses before the reading period is over. 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. 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. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Use a pen with black or dark blue ink.  \nYou may plan your answers in this orange booklet, but no credit will be given for anything written in this booklet.  \nYou will only earn credit for what you write in the separate Free Response booklet.  \n© 2024 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \n2 GO ON TO THE NEXT PAGE.  \nAP® Microeconomics 2024 Free-Response Questions  \n1. Soja Farm is a typical profit-maximizing firm that produces and sells soybeans in a constant-cost, perfectly competitive market that is in long-run equilibrium. The market equilibrium price of soybeans is $14 per bushel.  \n(a) Draw correctly labeled side-by-side graphs for the soybean market and for Soja Farm, and show each of the following.  \n(i) The market equilibrium price and quantity, labeled $14 and QM , respectively  \n(ii) Soja Farm’s profit-maximizing price and quantity, labeled PF and QF , respectively  \n(iii) Soja Farm’s average total cost curve consistent with a long-run equilibrium, labeled ATC  \n(b) If Soja Farm is the only firm in the market that chooses to increase its price of soybeans to $15 per bushel, will Soja Farm’s total revenue increase by $1, remain the same, or decrease to $0 ? Explain.  \n(c) Soybeans are used as an input in the production of tofu. Tofu now becomes a more popular food option among consumers. On your graphs in part (a), show the short-run effect of the increased popularity of tofu on each of the following.  \n(i) The new market equilibrium price and quantity of soybeans, labeled P2 and Q2 , respectively  \n(ii) Soja Farm’s new profit-maximizing quantity, labeled Q*  \n(d) Given the increase in popularity of tofu in part (c), what will happen to the number of firms in the soybean market in the long run? Explain.  \n(e) Suppose a 25% increase in the market price of quinoa causes a 5% decrease in the quantity demanded of quinoa and a 10% increase in the quantity demanded for tofu.  \n(i) Is the demand for quinoa elastic, inelastic, or unit elastic? Explain using numbers.  \n(ii) Calculate the cross-price elasticity of demand between quinoa and tofu. Show your work.  \nBegin your response to this question at the top of a new page in the separate Free Response booklet and fill in the appropriate circle at the top of each page to indicate the question number.  \n© 2024 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \n3 GO ON TO THE NEXT PAGE.  \nAP® Microeconomics 2024 Free-Response Questions  \n2. Good X is produced and sold in a perfectly competitive market. The provided graph shows the market for Good X.  \n(a) Identify the market equilibrium price an","cbCaira3febePI27","https://ap.wps.com/l/cbCaira3febePI27","pdf",261253,"English","# Section II: Free-Response Questions Set 1\n## Question 1: Soja Farm and soybeans/tofu (perfect competition, costs, elasticity)\n## Question 2: Good X and market intervention (deadweight loss, tax/subsidy, price ceiling)\n## Question 3: Nice Ride vs. Field Cruiser (game theory, dominant strategy, Nash equilibrium)","[{\"question\":\"What does Question 1 require about Soja Farm’s profit-maximizing decisions?\",\"answer\":\"Students must draw market and firm graphs, identify equilibrium and profit-maximizing price/quantity, show an ATC curve consistent with long-run equilibrium, and analyze how a price increase affects total revenue and how tofu demand changes soybean equilibrium and firm output.\"},{\"question\":\"How do students calculate deadweight loss in Question 2?\",\"answer\":\"Question 2 asks students to identify the market equilibrium and then compute the deadweight loss at that equilibrium, showing their work and using the provided market graph to evaluate welfare impact.\"},{\"question\":\"What game-theory concepts appear in Question 3?\",\"answer\":\"Question 3 uses a payoff matrix to determine Field Cruiser’s best response, whether Nice Ride has a dominant strategy, whether specific strategy choices form a Nash equilibrium, and how merging to maximize combined profits changes strategic considerations.\"}]","AP® Microeconomics 2024 Free-Response Questions Set 1 - Answer 1-3 | PDF",1789894622,15]