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The document specifies graphing requirements for equilibrium in the soybeans market, including labeled demand and supply curves, firm-level horizontal demand and marginal revenue, marginal cost and profit-maximizing quantity, and cost curve tangency. It further instructs responses about subsidies, deadweight loss, long-run entry, demand elasticity and cross-price elasticity, and strategic interactions using dominant strategy and Nash equilibrium reasoning, each tied to awarded points.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/ap-microeconomics-scoring-guidelines-set-1-question-scoring/460101/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/ap-microeconomics-scoring-guidelines-set-1-question-scoring/460101.png","ImageObject",300,407,{"name":92,"@type":93},"River Wang","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-25","2026-09-30",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",11,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What graph elements are required for Question 1 part (a) on the soybeans market and Soja Farm?","Question",{"text":113,"@type":114},"A correctly labeled market graph must show a downward-sloping demand (D1) and upward-sloping supply (S) with equilibrium labeled at price $14 and quantity QM. The firm graph must show horizontal demand and marginal revenue (d1=MR1) extended from the market equilibrium price, with the firm price labeled PF, plus marginal cost and profit-maximizing output where MR = MC, and the ATC tangency condition at QF.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How should responses explain the change in total revenues in Question 1 part (b)?",{"text":118,"@type":114},"Responses state that Soja Farm’s total revenues decrease to $0 and explain that consumers switch to other sellers charging the $14 market price, leaving the firm with no sales revenue.",{"name":120,"@type":111,"acceptedAnswer":121},"What economic or strategic conclusions are required in Question 2 and Question 3?",{"text":122,"@type":114},"Question 2 requires correct statements about deadweight loss and policy effects of a per-unit consumer subsidy versus a price ceiling relative to the socially optimal quantity. Question 3 requires reasoning about dominant strategies (or lack of them), whether a strategy profile forms a Nash equilibrium, and the resulting profits for each firm at equilibrium.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},460101,1790793390,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":29,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145},1099514067438,"https://ap-avatar.wpscdn.com/avatar/100002539ee87300030?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780474512215547542","2024  \nAP® Microeconomics Scoring Guidelines  \nSet 1  \n© 2024 College Board. 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).  \nQuestion 1: Long  \n10 points  \n(a) Draw a correctly labeled graph of the market for soybeans with a downward-sloping demand (D1) curve and an upward-sloping supply (S) curve and label the market equilibrium price as $14 and the market equilibrium quantity as QM.  \n1 point  \nFor the second point, draw a correctly labeled graph of Soja Farm and show the firm’s horizontal demand and marginal revenue (d1=MR1) curve extended from the market equilibrium price and label the firm’s price as PF.  \n1 point  \n\n| For the third point, the firm’s graph must show a rising marginal cost (MC) curve, and show the profit-maximizing quantity, labeled QF where MR = MC.\u003Cbr>| 1 point |\n| --- | --- |\n\n\n| For the fourth point, the firm’s graph must show the average total cost (ATC) curve tangent to the firm’s demand curve at QF and show the MC curve passing through the minimum point of the ATC curve.\u003Cbr>|  |  | 1 point |\n| --- | --- | --- | --- |\n|  | Total for part (a) |  | 4 points |\n| (b) | State that Soja Farm’s total revenues would decrease to $0 and explain that all consumers of soybeans would buy soybeans from other sellers who charge the market price of $14. |  | 1 point |\n| (c) (i) |  | The market graph from part (a) must show a rightward shift of the market demand curve and the new equilibrium price labeled P2 and the new equilibrium quantity labeled Q2.\u003Cbr>| 1 point |\n\n(ii) The firm’s graph from part (a) must show an upward shift in the firm’s marginal revenue 1 point (demand) curve at P2 and the new profit-maximizing quantity for Soja Farms, labeled Q* .  \n|  | Total for part (c) | 2 points |\n| --- | --- | --- |\n| (d) | State that the number of firms will increase in the long run and explain that the positive economic profits earned by soybean producers will encourage new firms to enter the market. | 1 point |\n| (e) (i)\u003Cbr>(ii) | State that demand for quinoa is inelastic and explain with ONE of the following.\u003Cbr>• The absolute value of the price elasticity of demand for quinoa is 0.2.\u003Cbr>• The 5% decrease in the quantity demanded of quinoa is less than the 25% increase in the price of quinoa. | 1 point |\n|  | Calculate the cross-price elasticity of demand as 0.4 and show your work.\u003Cbr>Cross Price Elasticity of Demand = %%~~ ~~CChahnagnege~~ ~~in~~ ~~Qin~~ ~~Pr~~ ~~iDceofofTofuQuinoa = 1025%% = 0.4 | 1 point |\n|  | Total for part (e) | 2 points |\n\nTotal for question 1 10 points  \n\n| Question 2: Short 5 points |  |\n| --- | --- |\n|  |  |\n| (a) State that the market equilibrium price is $15, and the market equilibrium quantity is 300 units. | 1 point |\n| (b) Calculate the deadweight loss as $500 and show your work.\u003Cbr>Deadweight loss = 12 × ($25 − $15) × (400 − 300) = 12 × $10 × 100 = $500 | 1 point |\n| (c) (i) State that the government will grant a per-unit subsidy to consumers to achieve the socially optimal quantity of Good X and explain with ONE of the following:\u003Cbr>• A per-unit subsidy to consumers that internalizes external benefits increases the incentive and ability of consumers to buy the socially optimal quantity (400) .\u003Cbr>• A per-unit subsidy to consumers equal to the marginal external benefit increases consumption to the socially optimal quantity (400), by lowering the price paid by the consumer.\u003Cbr>• A per-unit subsidy to consumers equal to the difference between marginal social benefit and marginal private benefit increases the quantity exchanged to the socially optimal quantity (400) . | 1 point |\n| (ii) State that the dollar value of the per-unit subsidy is $10. 1 point |  |\n| Total for part (c","cbCairvaBPlhdUDv","https://ap.wps.com/l/cbCairvaBPlhdUDv","pdf",406374,"English","# Question 1: Long\n## (a)\n## (b)\n## (c)\n## (d)\n## (e)\n# Question 2: Short\n## (a)\n## (b)\n## (c)\n## (d)\n# Question 3: Short\n## (a)\n## (b)\n## (c)\n## (d)\n## (e)","[{\"question\":\"What graph elements are required for Question 1 part (a) on the soybeans market and Soja Farm?\",\"answer\":\"A correctly labeled market graph must show a downward-sloping demand (D1) and upward-sloping supply (S) with equilibrium labeled at price $14 and quantity QM. The firm graph must show horizontal demand and marginal revenue (d1=MR1) extended from the market equilibrium price, with the firm price labeled PF, plus marginal cost and profit-maximizing output where MR = MC, and the ATC tangency condition at QF.\"},{\"question\":\"How should responses explain the change in total revenues in Question 1 part (b)?\",\"answer\":\"Responses state that Soja Farm’s total revenues decrease to $0 and explain that consumers switch to other sellers charging the $14 market price, leaving the firm with no sales revenue.\"},{\"question\":\"What economic or strategic conclusions are required in Question 2 and Question 3?\",\"answer\":\"Question 2 requires correct statements about deadweight loss and policy effects of a per-unit consumer subsidy versus a price ceiling relative to the socially optimal quantity. Question 3 requires reasoning about dominant strategies (or lack of them), whether a strategy profile forms a Nash equilibrium, and the resulting profits for each firm at equilibrium.\"}]","AP® Microeconomics Scoring Guidelines - Set 1 - Question Scoring | PDF",1790757734,15]