2003, Form B, Question 1 · 14 points
Profitable competitive firm versus monopoly
Graph a perfectly competitive firm and a monopoly each earning profit, compare price and marginal revenue for each, predict long-run profit for each, and mark and explain the monopoly's deadweight loss.
This exam had three free-response questions in 50 minutes of writing time after a 10 minute planning period, with about half the time suggested for Question 1 and the rest split evenly between Questions 2 and 3. The current exam has 3 free-response questions in 60 minutes. The skills these questions practice still count.
Lessons this question draws on
1 Read the question
The question is College Board's, from the 2003, Form B exam. It starts on page 2 of the PDF. College Board no longer posts this exam, so it opens from the copy of College Board's PDF that the Internet Archive saved on May 29, 2022.
2 Write your answer
Answer each part the way you would on the exam, in full sentences, with your work shown. Your writing saves as you type.
3 Score it
Score your answer against College Board's scoring guidelines, one point at a time. Give yourself a point only when your answer says what the guideline asks for.
Scoring guidelines (PDF, page 2)
Question, scoring guidelines: College Board, from the Internet Archive. The title, summary are ours.