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1. Introduction to Microeconomics2h 13m

Introduction to Economics
12m

Three Key Economic Ideas
15m

Productive and Allocative Efficiency
8m

Factors of Production
6m

Positive and Normative Analysis
8m

Circular Flow Diagram
6m

Graphing Review
51m

Percentage and Decimal Review
10m

Fractions Review
13m

2. Introductory Economic Models1h 15m

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
19m

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
12m

PPF - Outward Shifts
9m

PPF - Comparative Advantage and Absolute Advantage
14m

PPF - Comparative Advantage and Trade
14m

PPF - The Price of the Trade
4m

3. Supply and Demand3h 28m

Introduction to Supply and Demand
5m

The Basics of Demand
7m

Individual Demand and Market Demand
3m

Shifting Demand
39m

The Basics of Supply
3m

Individual Supply and Market Supply
6m

Shifting Supply
29m

Overview of Supply and Demand Shifts
9m

Supply and Demand Together: Equilibrium, Shortage, and Surplus
6m

Supply and Demand Together: One-sided Shifts
20m

Supply and Demand Together: Both Shift
34m

Supply and Demand: Quantitative Analysis
41m

4. Elasticity2h 36m

Percentage Change and Price Elasticity of Demand
19m

Elasticity and the Midpoint Method
21m

Price Elasticity of Demand on a Graph
12m

Determinants of Price Elasticity of Demand
7m

Total Revenue Test
14m

Total Revenue Along a Linear Demand Curve
15m

Income Elasticity of Demand
24m

Cross-Price Elasticity of Demand
12m

Price Elasticity of Supply
13m

Price Elasticity of Supply on a Graph
4m

Elasticity Summary
10m

5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 19m

Willingness to Pay and Consumer Surplus
19m

Willingness to Sell and Producer Surplus
13m

Economic Surplus and Efficiency
19m

Quantitative Analysis of Consumer and Producer Surplus at Equilibrium
29m

Price Ceilings, Price Floors, and Black Markets
39m

Quantitative Analysis of Price Ceilings and Price Floors: Finding Points
21m

Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas
55m

6. Introduction to Taxes and Subsidies1h 53m

Introducing Taxes and Tax Incidence
20m

Effects of Taxes on a Market
15m

Elasticity and Taxes
15m

Subsidies
17m

The Laffer Curve
9m

Quantitative Analysis of Taxes
14m

Tax Efficiency
9m

Tax Equity
11m

7. Externalities56m

Externalities: Social Benefits and Social Costs
28m

Public Solutions to Externalities
27m

8. The Types of Goods1h 6m

Four Types of Goods and Two Characteristics
23m

The Free Rider Problem and the Tragedy of the Commons
23m

Public Goods: Demand Curve and Optimal Quantity
19m

9. International Trade1h 21m

Exporting and Importing
17m

Sources of Comparative Advantage
6m

Tariffs
22m

Import Quotas and VERs
24m

Arguments Against International Trade
8m

10. The Costs of Production2h 35m

Revenue, Cost, and Profit
30m

The Production Function and Diminishing Returns
12m

Marginal Cost
27m

The Relationship Between Average Cost and Marginal Cost
23m

Graphing Costs
17m

Average Total Cost: Short Run and Long Run
19m

Isoquant Lines
9m

Isocost Lines
7m

Cost-Minimizing Combination of Labor and Capital
6m

11. Perfect Competition2h 26m

Introduction to the Four Market Models
2m

Characteristics of Perfect Competition
6m

Revenue in Perfect Competition
14m

Perfect Competition Profit on the Graph
21m

Short Run Shutdown Decision
35m

Long Run Entry and Exit Decision
18m

Individual Supply Curve in the Short Run and Long Run
6m

Market Supply Curve in the Short Run and Long Run
9m

Long Run Equilibrium
12m

Perfect Competition and Efficiency
15m

Four Market Model Summary: Perfect Competition
5m

12. Monopoly2h 13m

Characteristics of Monopoly
21m

Monopoly Revenue
12m

Monopoly Profit on the Graph
16m

Monopoly Efficiency and Deadweight Loss
20m

Price Discrimination
22m

Antitrust Laws and Government Regulation of Monopolies
11m

Mergers and the Herfindahl-Hirschman Index (HHI)
17m

Four Firm Concentration Ratio
6m

Four Market Model Summary: Monopoly
4m

13. Monopolistic Competition1h 9m

Characteristics of Monopolistic Competition
10m

Revenue in Monopolistic Competition
14m

Monopolistic Competition Profit on the Graph
13m

Monopolistic Competition in the Long Run
14m

Efficiency in Monopolistic Competition
8m

Advertising
4m

Four Market Model Summary: Monopolistic Competition
3m

14. Oligopoly1h 26m

Characteristics of Oligopoly
16m

One-Time Games and the Prisoner's Dilemma
30m

Game Theory and Oligopoly Profit
16m

Repeated Games
5m

Kinked-Demand Theory
13m

Four Market Model Summary: Oligopoly
3m

15. Markets for the Factors of Production1h 26m

The Production Function and Marginal Revenue Product
16m

Demand for Labor in Perfect Competition
7m

Shifts in Labor Demand
13m

Supply of Labor in Perfect Competition
7m

Shifts in Labor Supply
5m

Differences in Wages
6m

Other Factors of Production: Land and Capital
5m

Unions
6m

Monopsony
11m

Bilateral Monopoly
5m

16. Income Inequality and Poverty36m

Income Inequality in the USA and Worldwide
1m

Poverty
5m

Polices to Reduce Poverty
6m

Lorenz Curve and Gini Coefficient
17m

Income Equality and Efficiency
6m

17. Asymmetric Information, Voting, and Public Choice39m

Asymmetric Information: Adverse Selection and Moral Hazard
11m

Solutions to Informational Problems
11m

Median Voter Theorem
9m

Condorcet Voting Paradox
7m

18. Consumer Choice and Behavioral Economics1h 16m

Budget Constraint
27m

Indifference Curves
25m

Indifference Curves for Perfect Substitutes and Perfect Complements
4m

Consumer Optimum Consumption: Budget Constraint and Indifference Curves
7m

Consumer Optimum Consumption: Marginal Utility per Dollar Spent
13m

11. Perfect Competition

Perfect Competition Profit on the Graph

Microeconomics

11. Perfect Competition

Perfect Competition Profit on the Graph

Problema precedenteProssimo problema

Difficoltà con Microeconomics?

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Scelta multipla

If the price is P1, the firm is

Suffering an economic loss

Earning an economic profit

Breaking even

None of the above

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Problema precedenteProssimo problema

Guida verificata passo dopo passo

Identify the key curves on the graph: the Marginal Cost (MC) curve and the Average Total Cost (ATC) curve.

Locate the price level P1 on the vertical axis and draw a horizontal line across the graph at this price level.

Determine the quantity where the price P1 intersects the MC curve. This is the profit-maximizing quantity, as firms maximize profit where price equals marginal cost (P = MC).

Check the position of the ATC curve at this quantity. If the price P1 is above the ATC curve at this quantity, the firm is earning an economic profit.

If the price P1 is equal to the ATC curve at this quantity, the firm is breaking even. If the price P1 is below the ATC curve, the firm is suffering an economic loss.