In the free response questions, do all graphs have to have a title? (not talking about the labeling of cost curves etc.). In addition, when stating things like the profit maximizing level of output, is an explanation beyond MR=MC required? I feel like I’m explaining too much things while practicing so I’m constantly pressed for time (I even write things like the price is determined by a horizontal line drawn from intersection of MC curve and demand curve)
Just look at the College Board scoring guideline, and yeah, I don’t know if a title is REQUIRED, but I’d advise at least labeling it sufficiently so the scorer knows what he/she is looking at.
@pockysticks thanks for your help- I already had a look at the scoring guideline but the explanations there seem to be very brief (you just have to make one assertion, say profit maximizing output is at MR=MC and you get the point). In addition, there was no mention of any titles required nor did the example graphs had any. Just making sure
If it says explain, you should write at least a line about it. However, mentioning MR=MC is generally enough. In fact, there is no way you can be pressed with time, I almost always have like 30 minutos left…
@Argentina2017 I understand the explanation part now so everything is good. I’m not running out of time anymore
Good luck on the exam! I´m so nervous about the MC part…
(Multiple Choice) = MC, not marginal cost
@Argentina2017 Thanks, you too! I’m more worried about Multiple choice section rather than free response due to time constraints. Practice exams so far are yielding 5 predictions, so let’s hope I don’t fall below that on the exam haha