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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)

13. Monopolistic Competition

Monopolistic Competition in the Long Run

13. Monopolistic Competition

Monopolistic Competition in the Long Run: Videos & Practice Problems

Video Lessons Practice Worksheet

Monopolistic Competition in the Long Run Practice Problems

20 problems

Problem 1Multiple Choice

In the long run, why do firms in monopolistic competition earn zero economic profit?

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Problem 2Multiple Choice

In monopolistic competition, what happens to the price in the long run?

Problem 3Multiple Choice

How does the entry of new firms in a monopolistically competitive market affect the demand curve for existing firms?

Problem 4Multiple Choice

A firm in monopolistic competition has a marginal cost of \$10 and a marginal revenue of \$10 at a production level of 100 units. What should the firm do to maximize profit?

Problem 5Multiple Choice

What is the implication of excess capacity in monopolistic competition for production efficiency?

Problem 6Multiple Choice

Why do firms in monopolistic competition not produce at the minimum average total cost in the long run?

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Problem 7Multiple Choice

What role does product differentiation play in monopolistic competition?

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Problem 8Multiple Choice

If a firm's price is \$15, average total cost is \$12, and it sells 100 units, what is its economic profit?

Problem 9Multiple Choice

How does the long run equilibrium in monopolistic competition differ from that in perfect competition?

Problem 10Multiple Choice

Which strategy has Starbucks used to maintain profitability in a monopolistically competitive market?

Problem 11Multiple Choice

Consider a market where new firms enter due to short-run profits. How does this affect the existing firms' demand curves and economic profits in the long run?

Problem 12Multiple Choice

A firm in monopolistic competition finds that its marginal cost is \$8 and its marginal revenue is \$8 at a production level of 150 units. What should the firm do to maximize profit?

Problem 13Multiple Choice

Why does price equal average total cost in the long run for monopolistic competition?

Problem 14Multiple Choice

What effect does an increase in the availability of substitutes have on the demand elasticity for a firm in monopolistic competition?

Problem 15Multiple Choice

What is the significance of excess capacity in monopolistic competition?

Problem 16Multiple Choice

How does product differentiation help firms in monopolistic competition?

Problem 17Multiple Choice

Synthesize the differences in long run equilibrium between monopolistic and perfect competition.

Problem 18Multiple Choice

A firm charges a price of \$20, has an average total cost of \$18, and sells 200 units. What is its economic profit?

Problem 19Multiple Choice

What strategy has Starbucks employed to maintain its market position in a monopolistically competitive environment?

Problem 20Multiple Choice

What prevents firms in monopolistic competition from producing at the minimum average total cost in the long run?

Monopolistic Competition Profit on the Graph Practice Problems Efficiency in Monopolistic Competition Practice Problems

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