Links to Free
Response Questions
and Rubrics
2011 FRQ / Rubric
2011B FRQ / Rubric
2010 FRQ / Rubric
Question 1
Monopoly
Profit maximizing
elasticity
economic vs
accounting profit
price ceiling
price discrimination
Perfect competition
(increasing cost
industry)
Side by side graphs
Change in demand
New long run
equilibrium
New profit
maximizing price
Perfect competition
Side by side graphs
elasticity
impact of inputs
2010B FRQ / Rubric
Marginal social benefit
Bridge: private vs public
Allocative efficiency
Accounting profit
elasticity
2009 FRQ / Rubric
Monopoly
Profit maximizing,
socially optimal, lump
sum subsidy
Accounting profit
External benefits
Monopolistic
competition
Profit maximizing
Area of Loss
Allocative efficiency
Economies of scale
2009B FRQ / Rubric
Question 2
Question 3
Perfect competition
Wage increase on
marginal cost
graph
Negative externality
MPC-MSC
Allocative efficient
quantity
Deadweight loss
Lump sum tax
Positive externality
Socially optimal
Deadweight loss
Price ceiling
subsidy
Monopsony
Profit maximizing
Minimum wage
Perfect competition
Product and resource
markets
Marginal
product/revenue
product curves
Cost minimizing
combination
Marginal revenue
product of labor
(perfectly competitive
firm)
Diminishing marginal
returns
Wages/demand for
labor
Tax
Producer surplus
Elasticity
Allocative efficiency
MPC-MSB
Consumer/producer
surplus
Negative externality
Per unit tax
Deadweight loss
Utility Maximization
Cross elasticity
Game theory
Duopoly
Elasticity
Tax burden
Game theory
Duopoly
2008 FRQ / Rubric
Product market:
Constant cost
perfectly competitive
firm and market
Long run equilibrium
and short run with
impact from a lumpsum subsidy
Product market:
Utility maximization
for a consumer
Elasticity of demand
incidence of a tax
2008B/ Rubric
Product market:
Imperfectly
competitive
revenue maximizing
profit maximizing
regulating for social
efficiency or for fair
return
Product market:
Monopoly
imposition of lump
sum tax
imposition of per
unitsubsidy
Comparison to perfect
competition
Product market:
Monopolistic
competition: short run
and long run
Externalities:
Socially efficient
positive
2007 FRQ / Rubric
2007 B FRQ / Rubric
2006 FRQ / Rubric
Product Market:
Monopoly model
given
profit maximization
elasticity and demand
allocative efficiency
break even output
profits
Product market:
Impact of a price
ceiling in a competitive
market
socially efficient
quantity
Natural monopoly
with profit maximizing
quantity and socially
optimal quantity
Factor market:
MRP analysis
Factor market:
Perfectly competitive
Firms supply in this
market
Impact of change in
technology
Product market:
Game theory
duopoly payoff matrix
Equilibrium with one
dominant strategy and
one non-dominant
strategy
Product market:
Game theory
duopoly payoff matrix
Equilibrium with one
dominant strategy and
one non-dominant
strategy
Product market:
Short run costs for a
perfectly competitive
firm
profit maximization
movement to long run
impact of per unit tax
Product market:
Cost structure for
firms
Factor market:
Perfectly competitive
non- price
determinants of supply
and demand
externalities
2006 B FRQ / Rubric
Product market:
Monopoly
operating at a loss
total revenue
profit maximization
Product market:
Perfect competition
consumer and
producer surplus
imposition of a price
ceiling
Product market:
Impact of tax on
market
changes in market
welfare
price
incidence of tax
Factor market:
MRP analysis
Perfect competition
2005 FRQ / Rubric
Product market:
Perfect competition
firm and market in
long run
change in consumer
income impact on firm
and market
conditions to operate at
a loss in short run
adjustment process to
long run
2005 B FRQ / Rubric
Product market:
Monopoly
Factor market:
perfect competition
Externalities:
Negative production
externality in a
monopoly,
negative production
externality in a perfectly
competitive market
Product market:
Cost structure for a firm
Product markets:
Complementary goods
Subsidy
elasticity
Product market:
Monopolistic
competition
long run analysis
changes in fixed costs
2004 B FRQ / Rubric
Product market:
Monopoly: profit
maximization, revenue
maximizing, efficiency
Product market:
Impact of taxes on
markets
2003 FRQ / Rubric
Product markets:
perfect competition
(firm and industry)
externalities
short run to long run
Product market:
Monopoly
consumer surplus,
deadweight loss
Demand/Marginal
revenue
2004 FRQ / Rubric
International Trade:
Consumer surplus,
producer surplus, and
total surplus before and
after trade in a market
impacted by imports
Factor market:
MRP analysis
Perfect competition
International Trade:
Consumer and
producer surplus in a
market that imports
imposition of tariff
Factor market:
Perfect competition
(firm and industry)
MRP analysis
Labor productivity
Product market:
Comparison of perfect
competition and
monopolies
Long run
Deadweight loss
Product market:
monopoly (before and
after patent)
Factor markets:
perfect competition
(firm and market)
International Trade:
Consumer and
producer surplus in a
market that imports
imposition of tariff
Factor market:
MRP analysis
Perfect competition
Externalities:
MSB and MSC analysis
Efficiency
Market failure
Utility Maximization
Product market:
Comparison of perfect
competition and
monopolistic
competition
Product markets:
perfect competition
(firm and industry)
adjustment to long
run
price ceiling
Externalities:
Negative production
Factor market:
Perfectly competitive
labor markets
minimum wage
Externalities:
MSB and MSC analysis
Perfect competition
Factor market:
MRP analysis
Perfect competition
Minimum wage
2000 FRQ / Rubric
Product market:
monopoly
perfect competition
consumer surplus
allocative efficiency
impact of tax or
subsidy
Product market:
perfect competition
tariffs
Factor market:
MRP analysis
International Trade:
Tariffs
elasticity
1999 FRQ / Rubric
Product market:
perfect competition
Resource
market:
perfect competition
Comparative advantage
Perfect competition,
monopoly: demand and
marginal revenue
2003 B FRQ / Rubric
2002 FRQ / Rubric
2002 B FRQ / Rubric
2001 FRQ / Rubric
International Trade