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College Board, Advanced Placement, AP, AP Central, and the acorn logo are registered trademarks of the College Board. Visit the 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).  \n2019 AP® MICROECONOMICS FREE-RESPONSE QUESTIONS  \nMICROECONOMICS  \nSection II  \nTotal Time—1 hour  \nReading Period—10 minutes  \nWriting Period—50 minutes  \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. Use a pen with black or dark blue ink.  \n1. As the only gas station in a small town, FillUp has a local monopoly on the sale of gasoline. FillUp is currently earning positive economic profit.  \n(a) Draw a correctly labeled graph for FillUp and show each of the following.  \n(i) FillUp’s profit-maximizing quantity, labeled QF  \n(ii) FillUp’s profit-maximizing price, labeled PF  \n(iii) The deadweight loss associated with FillUp’s profit-maximizing quantity, shaded completely  \n(iv) The maximum quantity at which FillUp would earn zero economic profit, labeled QZ  \n(b) Assume that FillUp’s fixed costs increase because of a new lease on its property and FillUp stays in business. Will each of the following increase, decrease, or remain unchanged at FillUp’s profit-maximizing quantity?  \n(i) The deadweight loss. Explain.  \n(ii) FillUp’s economic profit  \n(c) Assume the demand for gasoline decreases because people bike to work more often.  \n(i) What must be true for FillUp to continue to operate in the short run?  \n(ii) What happens to FillUp’s profit-maximizing quantity and price in the short run assuming the firm continues to operate?  \n© 2019 The College Board.  \nVisit the College Board on the web: [collegeboard.org](collegeboard.org).  \nGO ON TO THE NEXT PAGE.  \n2019 AP® MICROECONOMICS FREE-RESPONSE QUESTIONS  \n2. The following is a table showing Dana’s marginal benefit from purchasing bottles of water and good X from a grocery store.  \n\n| Quantity of\u003Cbr>Water\u003Cbr>(in bottles) | Marginal Benefit of Water (in dollars) |  | Quantity of\u003Cbr>Good X\u003Cbr>(in units) | Marginal Benefit of Good X (in dollars) |\n| --- | --- | --- | --- | --- |\n| 1 | 24 |  | 1 | 24 |\n| 2 | 18 |  | 2 | 18 |\n| 3 | 12 |  | 3 | 12 |\n| 4 | 6 |  | 4 | 6 |\n| 5 | 3 |  | 5 | 3 |\n\n(a) What is Dana’s total benefit from purchasing 2 bottles of water and 1 unit of good X? Show your work.  \n(b) Assume the price of a unit of good X is $5. Calculate the total consumer surplus if Dana purchases 3 units of good X. Show your work.  \n(c) Now assume the price of a bottle of water is $3 and the price of a unit of good X is $6. Dana spends her entire budget of $30 on bottles of water and good X.  \n(i) Explain why Dana does not maximize her benefit when she purchases 2 bottles of water and 4 units of good X. Use marginal analysis to explain your answer.  \n(ii) What are the optimal quantities of good X and bottles of water at these prices?  \n(iii) Suppose the price of a unit of good X drops to $3. Calculate Dana’s cross-price elasticity of demand for bottles of water with respect to the price of good X, and state whether the two goods are substitutes or complements. Show your work.  \n© 2019 The College Board.  \nVisit the College Board on the web: [collegeboard.org](collegeboard.org).  \n","cbCaid5rGflthWj3","https://ap.wps.com/l/cbCaid5rGflthWj3","pdf",182584,"English","# Section II\n## Instructions\n## Question 1: Monopoly and short-run effects\n## Question 2: Marginal benefit, consumer surplus, elasticity\n## Question 3: Payoff matrix, incentives, Nash equilibrium","[{\"question\":\"What is the time structure and how many questions must be answered?\",\"answer\":\"The total time is 1 hour, with a 10-minute reading period and 50 minutes for writing. Students answer three questions in Section II.\"},{\"question\":\"What must be included in diagrams when explaining answers?\",\"answer\":\"Diagrams must be correctly labeled, with all axes and curves clearly labeled, and must show directional changes when relevant.\"},{\"question\":\"How do the questions guide analysis of economic behavior?\",\"answer\":\"Question 1 focuses on profit maximization, deadweight loss, and zero-profit output under cost and demand changes; Question 2 requires calculating benefits/consumer surplus and using marginal analysis and elasticity; Question 3 requires analyzing game incentives, dominant strategies, and Nash equilibrium using a payoff matrix.\"}]","AP® Microeconomics Free-Response Questions Set 1 - 2019 | PDF",1790757725]