Microeconomics

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Hand-drawn blue commuter discovers an empty bag beside a café offering 40 cents off with a reusable cup, illustrating how constraints limit responses to incentives.

Economic Incentives: Choices, Constraints and Evidence

Learn how economic incentives change choices, why constraints matter and why higher wages can have opposing effects. Test a prediction with a short example.

Red crayon comic of a courier comparing 14 dollars in extra pay with 3 dollars of fuel and 9 dollars of time, leaving 2 dollars of net benefit in the article’s marginal-thinking example.

Marginal Analysis: Compare Extra Benefits and Costs

Use marginal analysis to compare additional benefits and costs, distinguish fixed and sunk costs, and check discrete choices with a worked decision.

Mint and plum linocut comic of an otter with a free concert ticket choosing between a concert and an extra café shift, illustrating scarce time and opportunity cost.

Opportunity Cost: Find the Best Alternative Forgone
Graphite and magenta notebook comic of a worried unlabeled supply-and-demand graph asking for labels beside a student, illustrating how to make AP Microeconomics free-response answers clear.

AP Microeconomics FRQ Graphs: Labels, Calculations and Explanations
Orange wax-crayon and cobalt watercolor comic of an import crate and walrus customs clerk reading a 10-dollar price plus 4-dollar tariff receipt, illustrating the small-country tariff model.

Tariff Effects: Imports, Revenue and Deadweight Loss
Blue stippled comic of an owl delivering 55 imported units to fill the gap between 85 units demanded and 30 supplied domestically at a world price of 12 dollars in the small-country model.

World Price: Identify Imports, Exports and Gains from Trade
Hand-drawn externalities comic showing a ceramics sale benefiting a factory and buyer while smoke harms a neighbor, with an economist considering the wider social cost.

Factor Markets and Externalities: Private vs. Social Costs
Hand-drawn production comic showing a bicycle workshop manager considering another unit of output while mechanics assemble bikes, with the marginal revenue equals marginal cost rule in a notebook.

Marginal Revenue and Marginal Cost: Output, Price and Profit
Hand-drawn market coordination comic comparing a queue at an almost empty produce stall, a balanced exchange, and unsold tomatoes, illustrating shortages, equilibrium, and surpluses.

Market Equilibrium: Price Signals, Shortages and Surpluses
Hand-drawn opportunity cost comic showing a student choosing study time while imagining a paid cafe shift and helping a friend move, illustrating alternatives forgone and the next decision.

Opportunity Cost and Marginal Analysis: Make the Next Choice
Hand-drawn firm and market comic contrasting a flower market supply and demand diagram with a magnified individual florist facing a horizontal price and marginal revenue line.

Firm vs. Market Curves: Demand, Supply and Competitive Price
Hand-drawn short run and long run comic contrasting a restaurant working within a fixed kitchen with its owner and architect planning adjustable space and equipment.

Short Run vs. Long Run: Shutdown, Exit and Fixed Costs
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