Alex Yu's AP Microeconomics Blog

No one in our table take too many fish, because it is simply too hard to 'get' fish. Each person only gets two to three fish. Everyo...

Game theory assumes that people make rational decisions. I think this assumption is valid because no matter what you will make the decision ...

The three main characteristics that make a firm a monopoly are only one seller, producing an unique product, and having barrier to entr...

In this experiment, we are testing the efficiency of the production as the number of workers increase. I am a worker in this experiment. The...

Determinants of demand are the prices of related goods, expected future prices, income, expected future income, population, and preferences....

The idea of utility is illustrated in the video. The utility of the consumer increase when they are able to pay a pizza with Pesos instead o...

Brand names have a huge effect on the utility that a person receive when consuming goods or services. People generally think that goods or...