🪙

Micro · FRQ Trainer

Free-response 1 of 21 · Production, Cost & Perfect Competition

7 pts our rubric

The real Micro Section II is 3 free-response questions in 60 minutes, 33% of your score. One long question and two short ones, after a 10-minute reading period. Spend about half the writing time on the long question. This prompt is ours, written to the same skills — score it against the rubric below, not against that structure.

Prompt

A profit-maximizing firm operates in a perfectly competitive market for wheat. The market is currently in long-run equilibrium.

aDraw a correctly labeled side-by-side graph for the wheat market and the individual firm, showing price, output, and average total cost (ATC).2 pts

bA new medical study is published revealing immense health benefits of consuming wheat. On your graphs, show the short-run effect of this study on market price, market quantity, firm price, and firm quantity. Shade the area of the firm's short-run economic profit.3 pts

cExplain what will happen to the number of firms in this market in the long run, and how that will affect the market price and the individual firm's economic profit.2 pts

Keep writing to unlock scoring (0/120)

Write your response first — then grade it with AI or self-score against the rubric.