The video is a tutorial on solving elasticity problems using elasticity triangles. It covers examples of price elasticity of demand, cross elasticity of demand, and income elasticity of demand, with step-by-step explanations of how to...

Mr. Clifford's 60 second explanation of how to draw a perfectly competitive labor market and firm hiring workers. Notice that the perfectly elastic (horizontal) curve is now supply.

The video is a lecture on allocative efficiency, which discusses the optimal allocation of resources to produce goods that consumers actually want. The lecturer explains allocative efficiency in detail, including how it's different from...

This video provides an explanation of the determinants of price elasticity of supply. The presenter first defines price elasticity of supply and explains the difference between elastic and inelastic goods. Then, the video discusses four...

This video explains the concept of monopoly market structure, its diagrammatic analysis, and the behavior of monopolists. The video covers topics such as the downward-sloping demand curve, the profit-maximizing output, the price, and the...

Mr. Clifford's 60 second explanation of positive externalities (aka: spillover benefits). Notice that there are two different demand curves. One is the marginal private benefit which ignores the spillover benefits of flu shots and the...

This is a lecture video discussing collusion in markets, particularly in oligopoly markets. The speaker introduces the concept of collusion and explains why and how it prevails in certain markets. The video provides examples and explains...

The video discusses the concept of the backward bending labor supply curve. The video explains the income and substitution effects that influence the supply of labor, and evaluates the impact of the backward bending labor supply curve...

The video is an introductory lecture on why economics is defined as a social science. The lecturer explains that economics is the study of individuals and their decision-making behavior and how those decisions affect the economy as a...

In this video, the presenter discusses the kinked demand model, which is a way of analyzing the impact of interdependence within oligopolies. They explain the assumptions and structure of the model, as well as how to construct it...

In this video, the topic of the extension of property rights is discussed, and how governments use it to correct market failure. The Coase theorem is explained and an example is given to illustrate this principle. The video also explains...

This video discusses price controls and explains the two main types of price restrictions, minimum prices and maximum prices, and illustrates their impact on the market using diagrams. Examples of price controls in different sectors,...

This video is a lecture on identifying allocatively efficient points on a production possibilities diagram. The speaker explains the concept of allocative efficiency and explores various production points on the diagram and how to...

This video provides an introduction to the concept of monopoly in economics. It outlines the strict definition of monopoly and explains the spectrum of market structures, ranging from competitive to non-competitive. The video also...

The video discusses the concept of economies of scale in markets and how they can impact the structure of those markets. The video also examines the factors that contribute to managerial diseconomies, such as poor communication and...

The video covers the topic of externalities in economics. It explains how economic agents make decisions in market economies based on maximizing behavior, leading to private costs and benefits. The video defines internal and external...

This video explains the concept of public goods and why they are typically provided by the government rather than through the market. The video describes two unique characteristics of public goods - non-excludability and non-rivalry.

This video discusses the determinants of price elasticity of demand, which is a key concept in economics. The video uses two examples and explains the five main factors that affect the price elasticity of demand at an A-level, including...

This is an old video where I explain aggregate demand, aggregate supply, and long run aggregate supply. Keep in mind that the "long run" is not a specific amount of time. The long run refers to enough time for resource prices (like...

In this video I explain how to draw a monopoly making a profit. Remember to produce at MR = MC at charge a price up to the demand curve.

Here is a practice FRQ from the 2005 AP Micro exam. Try it on your own and then go over the answers.

This video explains how microphones and speakers work by using electromagnetic induction and motor effects, respectively. The video goes on to describe the inner workings of a microphone, which includes a conducting coil attached to a...

In this video, the presenter explains the fundamentals of labor markets and how economists study them. They discuss the downward sloping labor demand curve, and how higher wage rates cause firms to demand fewer workers. They also explain...

This video provides an in-depth explanation of shutdown points in economics, specifically focusing on the difference between short and long run decision making processes. The narrator introduces various economic concepts, such as the...