microecon short answer questions

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Answer each question completely and clearly

1.Given the current situation, “price gouging” has become a relevant topic. Explain how “gouging” by businesses can actually HELP consumers and how “anti—gouging” laws can HURT consumers. Answer the above in two paragraphs

2. What was the main point of the “I, Pencil” essay/video that we discussed in class? Answer in one paragraph

https://www.youtube.com/watch?v=IYO3tOqDISE

https://fee.org/resources/i-pencil/Essay

3. What happens to the equilibrium price and quantity of coffee if the supply of coffee goes down and the demand for coffee goes up simultaneously (you don’t know which side of the market changed more). You do not have to draw a graph; just tell me what happens to P and Q

4. What is the Tragedy of the Commons and what is the solution? One paragraph

5.List the four types of market structures and then give the characteristics of each

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