michigan virtual ap microeconomics 64 free response assignment directions the following is a free response question released by the college board from a previous ap exam to be used as practice for future exams you can complete the assignment in this document using the drawing tools in word or any photo editing program or print this document and complete the activity by hand submitting a scan or photo of your work when you are done submit the assignment for grading by your instructor this question will be graded out of 15 points 1 assume that two firms are operating with identical cost schedules but one firm is in a perfectly competitive industry and the other is in a monopolistically competitive industry a using two correctly labeled graphs show the longrun equilibrium price and output levels for each of these two firms