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0. Basic Principles of Economics(0)

Introduction to Economics
(0)

People Are Rational
(0)

People Respond to Incentives
(0)

Scarcity and Choice
(0)

Marginal Analysis
(0)

Allocative Efficiency, Productive Efficiency, and Equality
(0)

Positive and Normative Analysis
(0)

Microeconomics vs. Macroeconomics
(0)

Factors of Production
(0)

Circular Flow Diagram
(0)

Graphing Review
(0)

Percentage and Decimal Review
(0)

Fractions Review
(0)

1. Reading and Understanding Graphs(0)

Graphs of Two Variables
(0)

Relationships between Variables
(0)

Interpreting Graphs, Correlation, Causation, and Omitted Variables
(0)

Slope of Linear Graphs
(0)

Slope of a Curve at a Point
(0)

Finding the Maximum and Minimum Points on Graphs
(0)

Percentage and Decimal Review
(0)

Fractions Review
(0)

Areas of Shapes
(0)

2. Introductory Economic Models(0)

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
(0)

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
(0)

PPF - Outward Shifts
(0)

PPF - Comparative Advantage and Absolute Advantage
(0)

PPF - Comparative Advantage and Trade
(0)

PPF - The Price of the Trade
(0)

3. The Market Forces of Supply and Demand(0)

Competitive Markets
(0)

The Demand Curve
(0)

Shifts in the Demand Curve
(0)

Movement Along a Demand Curve
(0)

The Supply Curve
(0)

Shifts in the Supply Curve
(0)

Movement Along a Supply Curve
(0)

Market Equilibrium
(0)

Using the Supply and Demand Curves to Find Equilibrium
(0)

Effects of Surplus
(0)

Effects of Shortage
(0)

Supply and Demand: Quantitative Analysis
(0)

4. Elasticity(0)

Percentage Change and Price Elasticity of Demand
(0)

Elasticity and the Midpoint Method
(0)

Price Elasticity of Demand on a Graph
(0)

Determinants of Price Elasticity of Demand
(0)

Total Revenue Test
(0)

Total Revenue Along a Linear Demand Curve
(0)

Income Elasticity of Demand
(0)

Cross-Price Elasticity of Demand
(0)

Price Elasticity of Supply
(0)

Price Elasticity of Supply on a Graph
(0)

Elasticity Summary
(0)

5. Consumer and Producer Surplus; Price Ceilings and Floors(0)

Consumer Surplus and Willingness to Pay
(0)

Producer Surplus and Willingness to Sell
(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)

Private Solutions to Externalities: The Coase Theorem
(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 on Imports
(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

Long Run Entry and Exit Decision

11. Perfect Competition

Long Run Entry and Exit Decision: Videos & Practice Problems

Video Lessons Practice Worksheet

Long Run Entry and Exit Decision Practice Problems

20 problems

Problem 1Multiple Choice

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

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Problem 2Multiple Choice

What is the primary difference between a short run shutdown and a long run exit decision?

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Problem 3Multiple Choice

A firm is considering exiting the market. Its total revenue is \$10,000, and its total cost is \$12,000. Should the firm exit the market in the long run?

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Problem 4Multiple Choice

How does the absence of fixed costs in the long run influence a firm's decision to produce?

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Problem 5Multiple Choice

A firm is considering entering a market where the price is \$15 and the average total cost is \$12. Should the firm enter the market?

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Problem 6Multiple Choice

If a firm's economic profit is zero, what does this imply about its long run production decision?

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Problem 7Multiple Choice

If the price is \$20 and the average total cost is \$18, what is the firm's profit per unit?

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Problem 8Multiple Choice

Why is the average total cost curve significant in long run market entry and exit decisions?

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Problem 9Multiple Choice

On a cost curve graph, if the price is below the average total cost but above the average variable cost, what should the firm do in the short run and long run?

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Problem 10Multiple Choice

A tech company is considering entering a market where the average total cost is \$50 per unit, and the expected price is \$55 per unit. What should the company do, and what are the implications?

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Problem 11Multiple Choice

What is the condition for a firm to exit a market in the long run?

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Problem 12Multiple Choice

Which of the following best describes a long run exit decision?

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Problem 13Multiple Choice

A firm has a total revenue of \$8,000 and a total cost of \$9,500. Should the firm exit the market in the long run?

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Problem 14Multiple Choice

In the long run, how does the absence of fixed costs affect a firm's production decision?

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Problem 15Multiple Choice

A firm is considering entering a market where the price is \$10 and the average total cost is \$8. Should the firm enter the market?

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Problem 16Multiple Choice

If a firm's economic profit is negative, what does this imply about its long run production decision?

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Problem 17Multiple Choice

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

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Problem 18Multiple Choice

What role does the average total cost curve play in long run market entry and exit decisions?

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Problem 19Multiple Choice

On a cost curve graph, if the price is above the average total cost, what should the firm do in the short run and long run?

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Problem 20Multiple Choice

A restaurant is considering entering a market where the average total cost is \$20 per meal, and the expected price is \$25 per meal. What should the restaurant do, and what are the implications?

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Short Run Shutdown Decision Practice Problems Individual Supply Curve in the Short Run and Long Run Practice Problems

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