2023, Set 1, Question 1 · Long · 10 points
Monopoly on a patented gadget and its workers
Graph a profitable monopoly with its deadweight loss, pick the policy that would push it to the efficient output, and predict how news of a health risk changes its output. Then graph the competitive labor market it hires from, show the effect of more workers arriving, and use the least-cost input rule to find the wage.
1 Read the question
The question is College Board's, from the 2023, Set 1 exam. It starts on page 3 of the PDF.
2 Write your answer
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3 Score it
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Scoring guidelines (PDF, page 2) What the exam readers saw (Chief Reader report)
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