<p>No. Monopolies earn positive economic profits in the long run. For a monopoly there is no difference between the long run and short run UNLESS if it becomes an increasing/decreasing cost industry or a tax is imposed, but those are really just regulations rather than shifts over time. </p>
<p>Perfectly competitive and monopolistically competitive firms earn zero (normal) economic profits in the long run.</p>
<p>You can also get video help on all of the Micro- topics on youtube from a user named AdvancedEcon. He does all of the videos based on the test. Or links to the videos are at advancedeconomics dot blogspot. Good luck. </p>
<p>I suspect that the FRQs will be about perfect competition first (since the last two years it has been about monopolies), game theory/oligopolies second (since we haven’t seen that kind of question in a long time), and either labor markets with MRP, MRC third or maybe some sort of supply and demand question third.</p>
<p>Is the monopolys demand curve the market demand curve?</p>
<p>Yes. In monopoly, oligopoly, and monopolistic competition P=AR=D and MR trails it below. In perfect competition MR=P=AR=D.</p>
<p>Barriers to entry = positive long-run profits. Perfectly and Monopolistically competitive markets have no barriers, so they must reach zero economic profit in the long run. Oligopolies and monopolies can have long-run profits.
Also, pretty much all firms have the same graph EXCEPT perfectly competitive markets (well, except monopsonies, but those never actually happen).</p>
<p>I agree with the FRQ predictions. I wonder though if factor markets might be the long FRQ–eep! It’s definitely time for an oligopoly/game theory question, it’s been SIX YEARS. I could see a simple supply and demand/taxes question showing up as well, or a factor market question if it isn’t the long FRQ.</p>
<p>I will cry tears of joy if perfect competition is the long FRQ.</p>
<p>Perfect Competition could be the longer one. They seem to usually ask one question about either monopolies or perfect competition. BTW, last years question three was horrible. The average score on that was 1.11 points I believe. I don’t expect one like that again this year. Factor markets with MRP and MRC isn’t difficult either… Unless they want to really be tricky which I know they can be. </p>
<p>One more note… Let’s come back here tomorrow and talk about how it went. Thanks.</p>
<p>Hey ShowtimeBuch
Thanks for the AdvancedEcon reference on youtube. His videos are great and it is exactly what everyone needs at this point. A streamlined explanation for everything on the test.</p>
<p>Hey no problem buddy. That guys name is Jindrick. Econ teacher from AZ. BTW… I really don’t recall monopsony questions on this test… Maybe some quick reference to it maybe… But that is it. Anyone else? There is a monopsony graph that I do know… But I don’t think that will be on there. Anyone else have an idea on that?</p>
<p>What are the economic profits in the long run for:</p>
<p>-Perfectly competitive
-Monopolistic competition
-Oligopoly
-Monopoly</p>
<p>ACDC Leadership is good as well.</p>
<p>Perfect competition: long run zero profits, short run varies. </p>
<p>Monopolistic competition: short run profits, long run normal profits. </p>
<p>Oligopoly: positive profits.</p>
<p>Monopoly: positive profits, unless regulated.</p>
<p>Does anybody have links to release exams?</p>
<p>Hey Bucky… Wisconsin? Awesome! Anyway… If there are low barriers to entry then economic profits are not possible in the long run. So that is the case with perfect competition and monopolistic competition. With the low barriers if they make econ profits in the short run other firms join the market and drive profits down. With oligopoly or monopoly profits are possible in the long run because of the high barriers to entry.</p>
<p>Links to released exams are at advancedeconomics dot blogspot at the bottom of the page there is a link to many questions from exams. Also: [All</a> Things AP - Home](<a href=“http://apsurvivall.■■■■■■■■■■%5DAll”>http://apsurvivall.■■■■■■■■■■)</p>
<p>[AP</a> Micro Economics Practice Tests_°Ù¶ÈÎÄ¿â](<a href=“AP Micro Economics Practice Tests - 百度文库”>AP Micro Economics Practice Tests - 百度文库)</p>
<p>This also gives a released exam. Ignore the chinese.</p>
<p>Ok I took another practice test.
45/60 on MC
26.5/30 on the FR
Not too bad considering I learned all of this in 2 days!</p>
<p>So that would be a 4. Good! That’s according to appass.com</p>
<p>I’m nervous :(.</p>
<p>Learned all of the material in 3 days just using 5 Steps To a 5, and the ACDC Micro Econ iPhone app. lol</p>
<p>Everything seems pretty straightforward and mostly common sense.</p>