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This video lesson is from the 2018 AP Microeconomics Exam. This video is designed for students to practice the question to enhance their content knowledge on monopolies, and as a resource for teachers to use in their classroom. There is no audio in this video lesson, just a continuous video of the questions and answers. The overall objective is for students to pause the video, answer the questions, and play the video to see if they get the questions correct. This is where teachers can explain why the answer is correct to their students if needed. I hope you find this video lesson helpful. Part (a) draw a correctly labeled monopoly graph showing the profit-maximizing price and quantity, and shade in the area representing negative economic profit. Part (b) why would a firm continue to operate in the short run despite earning a negative economic profit? Part (c) would a firms total revenue increase, decrease, or stay the same if it decides to sell fewer items? Part (d) in a perfectly competitive market, the number of workers available in the market decreases, what will happen to the wage rate and the marginal revenue product of the last worker hired?
