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Practice Questions
What Shifts the Supply Curve? Practice Questions
A new AI system cuts the cost of writing legal contracts in half. What happens to the supply of legal services?
*
a. Supply shifts right
b. Supply shifts left
c. Supply stays the same
d. Demand shifts right
A technological breakthrough in hydraulic fracturing significantly lowers the cost of extracting oil in the United States. Which of the following must be true?
*
a. Demand for oil will increase
b. The market price of oil must fall immediately
c. At any given price, oil producers are willing to supply more oil
d. At any given quantity, oil producers require a higher price
Oil producers expect tensions in the Strait of Hormuz—an important oil shipping route—to worsen. As a result, they anticipate reduced shipments and higher oil prices in the near future. What happens to oil supply today?
*
a. Supply increases as firms rush to sell at the current price
b. Supply decreases as firms hold back inventory
c. Supply remains unchanged
d. The supply curve for oil becomes vertical
Which of the following is consistent with a supply shift to the RIGHT in the market for potatoes?
*
a. Potato farmers have discovered that their farmland is also good for growing beets, which are commanding higher prices per pound than potatoes.
b. The government has added a $1 per pound tax on potatoes in an effort to reduce obesity
c. Customer demand for potato products skyrockets due to a new movie about the popular kid’s toy Mr. Potato head
d. A new GPS-guided planting system allows farmers to use fertilizer and land more efficiently, reducing overall production costs
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Principles of Economics Microeconomics
Course
(109 videos)
Introduction
Introduction to Microeconomics
Practice Questions
Opportunity Cost and Tradeoffs
Practice Questions
Marginal Thinking and the Sunk Cost Fallacy
Practice Questions
Interactive Practice
Supply, Demand, and Equilibrium
The Demand Curve
Practice Questions
The Supply Curve
Practice Questions
The Equilibrium Price and Quantity
Practice Questions
Graphing a Demand Curve from a Demand Schedule, and How to Read a Demand Graph
Practice Questions
Interactive Practice
What Shifts the Demand Curve?
Practice Questions
Change in Demand vs. Change in Quantity Demanded
Interactive Practice
Consumer Surplus
Practice Questions
Graphing a Supply Curve from a Supply Schedule, and How to Read a Supply Graph
Practice Questions
Interactive Practice
What Shifts the Supply Curve?
Practice Questions
Interactive Practice
Producer Surplus
Practice Questions
Equilibrium in Economics: How a Supply and Demand Graph Dot Explains Producer and Consumer Surplus
Practice Questions
Interactive Practice
Interactive Practice
Supply and Demand Terminology
Practice Questions
Does the Equilibrium Model Work?
Practice Questions
Elasticity and Its Applications
Elasticity of Demand
Practice Questions
Interactive Practice
Calculating the Elasticity of Demand
Practice Questions
Office Hours: Elasticity of Demand
Practice Questions
Elasticity of Supply
Practice Questions
Interactive Practice
Elasticity of Supply: Why Housing is Unaffordable
Practice Questions
Elasticity of Supply: Do Gun Buybacks Work?
Practice Questions
Taxes and Subsidies
Commodity Taxes
Practice Questions
Who Pays the Tax?
Practice Questions
Tax Revenue and Deadweight Loss
Practice Questions
Subsidies
Practice Questions
Wage Subsidies
Practice Questions
The Price System
I, Rose
A Price Is a Signal Wrapped up in an Incentive
Practice Questions
Markets Link the World
Practice Questions
The Great Economic Problem
Practice Questions
Information and Incentives
Practice Questions
Speculation
Practice Questions
Prediction Markets
Practice Questions
Price Ceilings and Price Floors
Price Ceilings
Practice Questions
Price Ceilings: Shortages and Quality Reduction
Practice Questions
Price Ceilings: Lines and Search Costs
Practice Questions
Price Ceilings: Deadweight Loss
Practice Questions
Price Ceilings: Misallocation of Resources
Interactive Practice
Price Ceilings: Rent Controls
Practice Questions
Rent Control in Mumbai
Practice Questions
Price Floors: The Minimum Wage
Practice Questions
Price Floors: Airline Fares
Interactive Practice
Why Do Governments Enact Price Controls?
Practice Questions
Price Controls and Communism
Practice Questions
Trade
The Big Ideas of Trade
Practice Questions
Comparative Advantage
Practice Questions
Another Look at Comparative Advantage
Practice Questions
Comparative Advantage Homework
Practice Questions
Tariffs and Protectionism
Interactive Practice
Arguments Against International Trade
Practice Questions
Avengers: The Story of Globalization (Optional)
Practice Questions
Externalities
What Are Negative Externalities?
Practice Questions
Pigouvian Taxes
What Are Positive Externalities?
Practice Questions
Pigouvian Subsidies
Command and Control Solutions
Practice Questions
The Coase Theorem
Practice Questions
Trading Pollution
Practice Questions
A Deeper Look at Tradable Allowances
Practice Questions
Externalities and Incentives: The Economics of COVID
Practice Questions
Costs and Profit Maximization Under Competition
Introduction to the Competitive Firm
Practice Questions
Maximizing Profit Under Competition
Practice Questions
Maximizing Profit and the Average Cost Curve
Practice Questions
Entry, Exit, and Supply Curves: Increasing Costs
Practice Questions
Entry, Exit, and Supply Curves: Constant Costs
Practice Questions
Entry, Exit, and Supply Curves: Decreasing Costs
Practice Questions
Competition and the Invisible Hand
Minimization of Total Industry Costs of Production
Practice Questions
The Balance of Industries and Creative Destruction
Practice Questions
Monopoly
Maximizing Profit Under Monopoly
Practice Questions
Office Hours: Calculating Monopoly Profit
Practice Questions
The Monopoly Markup
Practice Questions
The Costs and Benefits of Monopoly
Practice Questions
Price Discrimination
Introduction to Price Discrimination
Practice Questions
The Social Welfare of Price Discrimination
Practice Questions
Tying
Practice Questions
Bundling
Practice Questions
Labor Markets
The Marginal Product of Labor
Practice Questions
Econ Duel: Is Education Signaling or Skill Building?
Human Capital and Signaling
Practice Questions
The Tradeoff Between Fun and Wages
Practice Questions
Compensating Differentials
Practice Questions
Do Unions Raise Wages?
Practice Questions
Public Goods and the Tragedy of the Commons
Public Goods and Asteroid Defense
Practice Questions
A Deeper Look at Public Goods
Practice Questions
Club Goods
Practice Questions
The Tragedy of the Commons
Practice Questions
Asymmetric Information
Asymmetric Information and Used Cars
Practice Questions
Asymmetric Information in Health Insurance
Practice Questions
Moral Hazard
Practice Questions
Solutions to Moral Hazard
Practice Questions
Signaling
Practice Questions
Consumer Choice
Introduction to Consumer Choice
Practice Questions
Budget Constraints
Practice Questions
Indifference Curves
Practice Questions
Consumer Optimization
Practice Questions
Bonus Topics
Office Hours: Game Theory
Practice Questions
Exam
Principles of Economics: Microeconomics
