Problem
From your previous course(s) in economics, do you recall the concepts of demand, supply, and equilibrium? Do you recall the meaning of the elasticity of demand? perfect competition? factor markets? the production frontier? the law of diminishing returns? the marginal productivity theory? (If you do not remember some of these concepts, quickly review them from your principles of economics text or class notes.)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.