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MICROECONOMICS - College Board

MICROECONOMICS Two hours are allotted for this examination: 1 hour and 10 minutes for Section I, which consists of multiple-choice questions; and 50 minutes for Section II, which consists of three mandatory essay questions. Section I is printed in this examination booklet. Section II is printed in a separate booklet. SECTION I Time - 1 hour and 10 minutes Number of questions - 60 Percent of total grade-_- 2/3 Section I of this examination contains 60 multiple-choice questions. Therefore, please be careful to fill in only the ovals that are preceded by numbers 1 through 60 on your answer sheet.

for a unit of output, but sells that unit at $6.00. Questions 6-7 are based on the table below, which gives cost information for a perfectly competitive firm. Average Average Fixed Variable Marginal Quantity costs costs costs 0 1 $100.00 $55.00 $55.00 2 50.00 45 .oo 35.00 3 33.33 50.00 60.00 4 25.00 55.00 70.00

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