MERLOT Materials

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This less will explain in detail what makes perfectly competitive markets economically efficient.

This lesson illustrates two situations in which a firm in a perfectly competitive market is earning economic losses. In... see more

This video discusses from short-run to long-run when there is perfect competition.

This video explains how an individual firm in a perfectly competitive market should decide the best quantity to produce... see more

This lesson distinguishes between a firm's short-run average total cost and its long-run average total cost, and explains... see more

We know how a firm's short-run cost curves are related to one another (MC, AVC, ATC), but we haven't yet discussed the... see more

This lesson focuses on just the per-unit cost curves, their shapes, and the relationships between them. As you will see,... see more

This lesson illustrates using data and graphs the relationship between productivity and costs in the short-run, and how... see more

Understanding the relationships between a firm's short-run productivity curves will provide us with a basis for... see more

The law of diminishing returns is a simple, yet fundamental concept in economics. When the producer of a good wishes to... see more

By looking at how a change in price affects the total revenues of producers in a market (whether TR increases or... see more

In this second lesson on elasticity we'll outline the factors that affect the relative price elasticity of demand for a... see more

Why do we always get a different value for a good's elasticity of demand depending on whether the price increases or... see more

In this first lesson on elasticities, we'll learn the definition, formula and interpretations of the price elasticity of... see more

In a previous lesson we introduced the law of supply and the determinants of supply, but we never clearly explained WHY... see more

This lesson introduces the concept of supply, the law of supply and the determinants of supply.

In our third and final lesson introducing Demand we explore the non-price determinants of a good's demand, changes to... see more

In our second lesson on Demand we'll distinguish between a movement along a demand curve and a shift in the demand for a... see more

So the law of demand tells us that there's an inverse relationship between a good's price and the quantity demanded. In... see more

Our study of market economies requires us to examine both the demand-side and the supply-side of product and resources... see more

This lesson introduces the theory of consumer behavior that says in order to optimize or maximize total happiness or... see more

Utility in Economics is another word for "happiness". Most people would argue that more is always better. This lesson... see more

We've seen in a couple of lessons how when two countries have comparative advantages in the production of two different... see more

When countries specialize their production and trade with other countries, they stand to enjoy great benefits. This video... see more