AP-Microeconomics-Practice-AP微观经济练习题.docx

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Directions:Usethegraphsbelowtoanswerthequestions.Makesuretoexplainyouranswertoreceivefullcredit.

Theabovegrapshshowthemarketforcorn.Thefirmisaoperatinginaconstant-costindustry.

WhattypeofmarketdoesGrandFarmselltheircornin?Explain

IsGrandFarmcurrentlyearningeconomicprofit,earningaloss,oraretheyatlong-runequilibrium?Explain.

Inthelongrun,whathappenstoeachofthefollowing?

Thenumberoffirmsintheindustry?Explain

Theequilibriumpriceinthemarket;doesitincrease,decrease,orremainthesame?

IsGrandFarmcurrentlyallocativelyefficient?Explain

IsGrandFarmcurrentlyproductivelyefficient?Explain

Assumethatcornisaninferiorgoodandconsumersincomerises.

Wouldthepriceinthemarketincrease,decrease,orremainthesame?Explain.

Wouldthepriceforthefirmincrease,decrease,orremainthesame?

Wouldthequantityinthefirmincrease,decrease,orremainthesame?Explain.

AssumethatthepricefallsforthefirmbelowtheirATC.Whatmustbetrueforthemtocontinuetooperate?

Rentisanimportantfixedcostforfarmscurrentlygrowingcorn,andtheindustryexperiencesadecreaseinrent.

i.Wouldtheprofit-maximizingquantityforthefirmincrease,decrease,orremainthesame?Explain.

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