What are the key components to include when drawing a side-by-side graph for perfect competition?
Micro 2017 FRQ #1- Perfect Competition, Long-run, Supply, Demand, Price Ceiling

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Business
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11th Grade - University
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Hard
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7 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
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2.
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3 mins • 1 pt
Explain the significance of labeling the price and quantity in the market graph.
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3.
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3 mins • 1 pt
Describe the process of determining the quantity for the firm in a perfect competition scenario.
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4.
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3 mins • 1 pt
How does an increase in demand for ethanol affect the corn market?
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5.
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3 mins • 1 pt
What happens to the market price and quantity of corn in the long run when firms enter the market due to profit?
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6.
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3 mins • 1 pt
Explain the relationship between the supply of soybeans and the price of corn.
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7.
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3 mins • 1 pt
What is the effect of a binding price ceiling on the corn market?
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