2024 AP Micro FRQ Set 1 #1 - Perfect Competition

(a) Perfect Comp - LR Equilibrium - Profit Maximizing - Draw a Side by Side (b) Raises its price - TR $0 - Explain (c) Demand increases - P & Q changes (d) Change in number of firms in the industry due to profits (e) Elasticity (i) PED (ii) XED