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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).  \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© 2023 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \nGO ON TO THE NEXT PAGE.  \n1. RKB is a profit-maximizing monopoly that produces a new, patented electronic device. RKB is earning positive economic profit.  \n(a) Draw a correctly labeled graph for RKB, and show each of the following.  \n(i) The profit-maximizing quantity, labeled QM  \n(ii) The profit-maximizing price, labeled PM  \n(iii) The average total cost curve consistent with RKB earning positive economic profit  \n(iv) The area representing the deadweight loss, shaded completely  \n(b) The government wants RKB to produce the allocatively efficient quantity. Would the government impose a binding price ceiling, a binding price floor, a per-unit tax, or a lump-sum tax?  \n(c) Suppose that the government does not impose the policy you identified in part (b) . Consumers now become aware of research that confirms the use of this new device harms users’vision. Given widespread consumer awareness of this research, what will happen to RKB’s profit-maximizing quantity in the short run? Explain.  \n(d) Assume that RKB hires workers in a perfectly competitive labor market.  \n(i) Draw a correctly labeled graph for the labor market, showing the equilibrium wage and quantity of labor, labeled WE and QE, respectively.  \n(ii) Suppose immigration increases the number of workers in this labor market. On your graph in part  \n(d)(i), show the new equilibrium wage and quantity of labor, labeled W2 and Q2 , respectively.  \n(iii) RKB uses the optimal combination of capital and labor in its production process. The firm rents capital at $500 per unit, and the last unit of capital rented has a marginal product of 2,500 units. If the marginal product of the last unit of labor hired is 1,000 units, calculate the wage rate. 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© 2023 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \n3 GO ON TO THE NEXT PAGE.  \n2. The graph shows the production possibilities curves for Northland and Southland.  \n(a) Which country has a comparative advantage in producing wheat? Explain using numbers.  \n(b) Identify a specific number of yards of cloth that could be traded for 10 bushels of wheat and would be mutually beneficial to Northland and Southl","cbCaihBv7Dh1aXou","https://ap.wps.com/l/cbCaihBv7Dh1aXou","pdf",191787,"English","# Section II\n## Time and directions\n## Question 1: Monopoly, policy, labor market\n## Question 2: Comparative advantage, externality, tax\n## Question 3: Competitive firm, fixed cost, profit, long run","[{\"question\":\"What are the time limits and number of questions in this set?\",\"answer\":\"Total time is 1 hour, with a 10-minute reading period and 50 minutes for writing. The set contains 3 questions.\"},{\"question\":\"What graphing and labeling requirements are stated in the directions?\",\"answer\":\"Diagrams should be correctly labeled, with all axes and curves clearly labeled, and directional changes shown. If “Calculate” is prompted, the steps leading to the final answer must be shown.\"},{\"question\":\"What economic topics are covered across the three questions?\",\"answer\":\"The set covers monopoly profit maximization and policy effects, comparative advantage and mutually beneficial trade, and perfectly competitive firm analysis including cost curves, profit, and long-run market adjustment.\"}]","AP® Microeconomics Free-Response Questions Set 1 | PDF",1790757722,15]