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Microeconomics Exam Study Guide: Market Equilibrium, Surplus, Externalities, Costs, and Perfect Competition

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Consumer Surplus and Willingness to Pay

  • Guided course
    Consumer Surplus in a Small Setting
    14:41
  • Guided course
    Consumer Surplus and Market Demand
    06:08
  • Guided course
    Consumer Surplus
    03:15

Producer Surplus and Willingness to Sell

  • Guided course
    Producer Surplus and Market Supply
    05:24
  • Guided course
    Producer Surplus
    02:55
  • Guided course
    Producer Surplus in a Small Setting
    11:38

Economic Surplus and Efficiency

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    Deadweight Loss and Market Failure
    07:08
  • Guided course
    Economic Surplus
    11:40

Price Ceilings, Price Floors, and Black Markets

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    Price Ceilings
    07:07
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    Price Floors and Black Markets
    08:03
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    Price Floors
    02:18

Externalities: Social Benefits and Social Costs

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    Externalities on the Graph
    14:23
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    Negative Externality and Positive Externality
    10:54

Public Solutions to Externalities

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    Public Solutions to Externalities:Quantity Limits
    04:07
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    Public Solutions to Externalities:Command-and-Control Policies and Corrective Pigovian Taxes and Subsidies
    16:25

Four Types of Goods and Two Characteristics

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    The Four Types of Goods:Private Goods, Club Goods, Common Resources, and Public Goods
    11:08
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    Two Characteristics:Rivalry in Consumption and Excludability
    05:02

Revenue, Cost, and Profit

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    Explicit and Implicit Cost
    05:51
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    Fixed Costs and Variable Costs; Short Run and Long Run
    07:54
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    Accounting Profit and Economic Profit
    01:59

Marginal Cost

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    Marginal Cost
    10:48

Characteristics of Perfect Competition

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    Characteristics of Perfect Competition
    02:29
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    Market Demand and Individual Firm Demand
    03:57

Short Run Shutdown Decision

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    Short Run Shutdown Decision (continued)
    07:54
  • Guided course
    Short Run Shutdown Decision on the Graph
    07:05
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    Short Run Shutdown Decision
    03:28

Long Run Entry and Exit Decision

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    Long Run Exit/Enter Decision (continued)
    06:04
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    Long Run Exit/Enter Decision
    02:39
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    Long Run Exit/Enter Decision on the Graph
    09:32

Individual Supply Curve in the Short Run and Long Run

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    Individual Firm Supply Curve in the Long Run
    03:12
  • Guided course
    Individual Firm Supply Curve in the Short Run
    03:19

Market Supply Curve in the Short Run and Long Run

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    Market Supply Curve in the Long Run
    06:07
  • Guided course
    Market Supply Curve in the Short Run
    03:02

Long Run Equilibrium

  • Guided course
    Long Run Equilibrium
    07:04