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1. Introduction to Macroeconomics(0)

Introduction to Economics
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Three Key Economic Ideas
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Productive and Allocative Efficiency
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Factors of Production
(0)

Positive and Normative Analysis
(0)

Circular Flow Diagram
(0)

Graphing Review
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Percentage and Decimal Review
(0)

Fractions Review
(0)

2. Introductory Economic Models(0)

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
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PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
(0)

PPF - Outward Shifts
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PPF - Comparative Advantage and Absolute Advantage
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PPF - Comparative Advantage and Trade
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PPF - The Price of the Trade
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3. Supply and Demand(0)

Introduction to Supply and Demand
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The Basics of Demand
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Individual Demand and Market Demand
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Shifting Demand
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The Basics of Supply
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Individual Supply and Market Supply
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Shifting Supply
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Overview of Supply and Demand Shifts
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Supply and Demand Together: Equilibrium, Shortage, and Surplus
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Supply and Demand Together: One-sided Shifts
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Supply and Demand Together: Both Shift
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Supply and Demand: Quantitative Analysis
(0)

4. Elasticity(0)

Percentage Change and Price Elasticity of Demand
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Elasticity and the Midpoint Method
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Price Elasticity of Demand on a Graph
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Determinants of Price Elasticity of Demand
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Total Revenue Test
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Total Revenue Along a Linear Demand Curve
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Income Elasticity of Demand
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Cross-Price Elasticity of Demand
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Price Elasticity of Supply
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Price Elasticity of Supply on a Graph
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Elasticity Summary
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5. Consumer and Producer Surplus; Price Ceilings and Price Floors(0)

Willingness to Pay and Consumer Surplus
(0)

Willingness to Sell and Producer Surplus
(0)

Economic Surplus and Efficiency
(0)

Quantitative Analysis of Consumer and Producer Surplus at Equilibrium
(0)

Price Ceilings, Price Floors, and Black Markets
(0)

Quantitative Analysis of Price Ceilings and Price Floors: Finding Points
(0)

Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas
(0)

6. Introduction to Taxes and Subsidies(0)

Introducing Taxes and Tax Incidence
(0)

Effects of Taxes on a Market
(0)

Elasticity and Taxes
(0)

Subsidies
(0)

The Laffer Curve
(0)

Quantitative Analysis of Taxes
(0)

Tax Efficiency
(0)

Tax Equity
(0)

7. Externalities(0)

Externalities: Social Benefits and Social Costs
(0)

Public Solutions to Externalities
(0)

8. The Types of Goods(0)

Four Types of Goods and Two Characteristics
(0)

The Free Rider Problem and the Tragedy of the Commons
(0)

Public Goods: Demand Curve and Optimal Quantity
(0)

9. International Trade(0)

Exporting and Importing
(0)

Sources of Comparative Advantage
(0)

Tariffs
(0)

Import Quotas and VERs
(0)

Arguments Against International Trade
(0)

10. The Costs of Production(0)

Revenue, Cost, and Profit
(0)

The Production Function and Diminishing Returns
(0)

Marginal Cost
(0)

The Relationship Between Average Cost and Marginal Cost
(0)

Graphing Costs
(0)

Average Total Cost: Short Run and Long Run
(0)

Isoquant Lines
(0)

Isocost Lines
(0)

Cost-Minimizing Combination of Labor and Capital
(0)

11. Perfect Competition(0)

Introduction to the Four Market Models
(0)

Characteristics of Perfect Competition
(0)

Revenue in Perfect Competition
(0)

Perfect Competition Profit on the Graph
(0)

Short Run Shutdown Decision
(0)

Long Run Entry and Exit Decision
(0)

Individual Supply Curve in the Short Run and Long Run
(0)

Market Supply Curve in the Short Run and Long Run
(0)

Long Run Equilibrium
(0)

Perfect Competition and Efficiency
(0)

Four Market Model Summary: Perfect Competition
(0)

12. Monopoly(0)

Characteristics of Monopoly
(0)

Monopoly Revenue
(0)

Monopoly Profit on the Graph
(0)

Monopoly Efficiency and Deadweight Loss
(0)

Price Discrimination
(0)

Antitrust Laws and Government Regulation of Monopolies
(0)

Mergers and the Herfindahl-Hirschman Index (HHI)
(0)

Four Firm Concentration Ratio
(0)

Four Market Model Summary: Monopoly
(0)

13. Monopolistic Competition(0)

Characteristics of Monopolistic Competition
(0)

Revenue in Monopolistic Competition
(0)

Monopolistic Competition Profit on the Graph
(0)

Monopolistic Competition in the Long Run
(0)

Efficiency in Monopolistic Competition
(0)

Advertising
(0)

Four Market Model Summary: Monopolistic Competition
(0)

14. Oligopoly(0)

Characteristics of Oligopoly
(0)

One-Time Games and the Prisoner's Dilemma
(0)

Game Theory and Oligopoly Profit
(0)

Repeated Games
(0)

Kinked-Demand Theory
(0)

Four Market Model Summary: Oligopoly
(0)

15. Markets for the Factors of Production(0)

The Production Function and Marginal Revenue Product
(0)

Demand for Labor in Perfect Competition
(0)

Shifts in Labor Demand
(0)

Supply of Labor in Perfect Competition
(0)

Shifts in Labor Supply
(0)

Differences in Wages
(0)

Other Factors of Production: Land and Capital
(0)

Unions
(0)

Monopsony
(0)

Bilateral Monopoly
(0)

16. Income Inequality and Poverty(0)

Income Inequality in the USA and Worldwide
(0)

Poverty
(0)

Polices to Reduce Poverty
(0)

Lorenz Curve and Gini Coefficient
(0)

Income Equality and Efficiency
(0)

17. Asymmetric Information, Voting, and Public Choice(0)

Asymmetric Information: Adverse Selection and Moral Hazard
(0)

Solutions to Informational Problems
(0)

Median Voter Theorem
(0)

Condorcet Voting Paradox
(0)

18. Consumer Choice and Behavioral Economics(0)

Budget Constraint
(0)

Indifference Curves
(0)

Indifference Curves for Perfect Substitutes and Perfect Complements
(0)

Consumer Optimum Consumption: Budget Constraint and Indifference Curves
(0)

Consumer Optimum Consumption: Marginal Utility per Dollar Spent
(0)

11. Perfect Competition

Individual Supply Curve in the Short Run and Long Run

11. Perfect Competition

Individual Supply Curve in the Short Run and Long Run: Videos & Practice Problems

Video Lessons Practice Worksheet

20 problems

Problem 1Multiple Choice

Under what condition will a firm continue to produce in the short run?

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Problem 2Multiple Choice

How is the short run supply curve derived in a perfectly competitive market?

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Problem 3Multiple Choice

If the market price is \$10 and the minimum average variable cost is \$8, at what quantity will a firm produce if the marginal cost at that quantity is also \$10?

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Problem 4Multiple Choice

What is the shutdown point for a firm in the short run, and why is it significant?

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Problem 5Multiple Choice

Under what condition will a firm remain in the market in the long run?

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Problem 6Multiple Choice

How is the long run supply curve derived in a perfectly competitive market?

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Problem 7Multiple Choice

If a firm's average total cost is \$15 and the market price is \$20, what is the profit per unit?

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Problem 8Multiple Choice

What is the exit point for a firm in the long run, and why is it significant?

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Problem 9Multiple Choice

How do the roles of AVC and ATC differ in the formation of the supply curve in the short run and long run?

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Problem 10Multiple Choice

A firm is considering increasing production. The current price is \$12, marginal cost is \$10, and marginal revenue is \$12. Should the firm increase production?

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Problem 11Multiple Choice

What happens if the price falls below the average variable cost in the short run?

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Problem 12Multiple Choice

Why is the short run supply curve not the entire marginal cost curve?

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Problem 13Multiple Choice

If the market price is \$18 and the minimum average variable cost is \$14, at what quantity will a firm produce if the marginal cost at that quantity is also \$18?

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Problem 14Multiple Choice

Why is the shutdown point critical for a firm's decision-making in the short run?

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Problem 15Multiple Choice

What happens if the price falls below the average total cost in the long run?

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Problem 16Multiple Choice

Why is the long run supply curve not the entire marginal cost curve?

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Problem 17Multiple Choice

If a firm's average total cost is \$25 and the market price is \$30, what is the profit per unit?

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Problem 18Multiple Choice

Why is the exit point critical for a firm's decision-making in the long run?

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Problem 19Multiple Choice

How do the roles of AVC and ATC differ in the formation of the supply curve in the short run and long run?

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Problem 20Multiple Choice

A firm is considering decreasing production. The current price is \$15, marginal cost is \$18, and marginal revenue is \$15. Should the firm decrease production?

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Long Run Entry and Exit Decision Practice Problems Market Supply Curve in the Short Run and Long Run Practice Problems

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