Micro 2017 FRQ #1- Perfect Competition, Long-run, Supply, Demand, Price Ceiling

Micro 2017 FRQ #1- Perfect Competition, Long-run, Supply, Demand, Price Ceiling

Assessment

Interactive Video

Business

11th Grade - University

Hard

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FREE Resource

Jacob Clifford guides students through the 2017 microeconomics free response question, focusing on perfect competition. He explains how to draw side-by-side graphs, the short-run effects of increased ethanol demand on the corn market, and the long-run market adjustments. The video also covers the impact of a binding price ceiling on the corn market, emphasizing the importance of labeling and explaining graphs for AP exams.

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7 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the key components to include when drawing a side-by-side graph for perfect competition?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

Explain the significance of labeling the price and quantity in the market graph.

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

Describe the process of determining the quantity for the firm in a perfect competition scenario.

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

How does an increase in demand for ethanol affect the corn market?

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5.

OPEN ENDED QUESTION

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.

OPEN ENDED QUESTION

3 mins • 1 pt

Explain the relationship between the supply of soybeans and the price of corn.

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7.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the effect of a binding price ceiling on the corn market?

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