Include a graph that illustrates your explanation. Answers should focus on the application of theory to a current event. Since most students feel time pressure on quizzes, it is important not to waste time by giving lengthy descriptions of the event. Answers can be composed without reference to details that would be difficult to memorize. Answers should mention sources of information.
Students are welcome to work together in preparing their answers.
Events on campus are acceptable subjects. The strike created a shortage in the market for package mailing service, as illustrated in the graph below. Competitors, such as Federal Express, responded to the shortage by limiting the number of packages a company could mail each day rather than by raising prices. No attempt to apply theory. There will be two experiments conducted in class during the term.