Summary: AP Microeconomics perfect competition.
1. What price would LR Competitive equilibrium be on the graph?
2. At Price P3, what area is profit?
3. What point is resource allocative efficient?
4. Below what price would the firm shut down?
5. The difference between ATC and AVC equals _______?
6. What point is productive efficient for the firm?
1. P1 2. P3ABP2. 3. C 4. P 5. AFC
About the Author: Mike Fladlien is an AP Economics teacher from Muscatine High School in Muscatine, Iowa.
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