2015 Microeconomics FRQ #3. Free Response Question. This question covers the basic topics of supply and demand. And analyzing the supply and demand curve relative to the market. Prices floors and price ceilings are covered, and analysis of how they effect the market. Quotas are covered as well. 3e serves as a great practice for figuring out the Elasticity of Demand. Presenting the data is a different view helps students to understand the concept of demand elasticity.
