Tackle the Test: Free-Response Questions

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  1. Question

    UWW3LCv/YcF3v6bu4pFRH3uF7+41sC1tKgLAbMb+hhcOFia1vsv8URKd9r1r7FlX1NkKn/Qnvk6DugnVrRz01dTIMD2KppLmtbwjHjAa/8PMpyFZFbwzWRmwP+NKOBV+0o2lvVRpOhBxp4clFfTvhLSnzDgNNItYhp53u8Fvneau5dvsaMHSqwavVi/5Ua51PB29/Rr88HwCYwPzUGAeWTf8mZ/exTKm2AESMd6y+5fp9dn8pNl8VC0hLnC93vId

    Rubric for FRQ 1 (10 points)

    image

    1 point: Vertical axis is labeled “Price, cost of unit” or “Dollars per unit”; horizontal axis is labeled “Quantity” or “Q.”

    1 point: Demand curve is horizontal and labeled with some combination of “P,” “MR,” or “D.”

    1 point: MC is labeled and slopes upward in the shape of a swoosh.

    1 point: Profit-maximizing quantity is labeled (for example, as “Q*”) on the horizontal axis where MC = MR.

    1 point: ATC is labeled and U-shaped.

    1 point: ATC is above price at the profit-maximizing output.

    1 point: MC crosses ATC at the lowest point on ATC.

    1 point: AVC is labeled and U-shaped.

    1 point: AVC is below price at the profit-maximizing output.

    1 point: Loss rectangle is correctly located and identified.

  2. Question

    Refer to the graph provided.

    image
    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