This video covers topic 5.4 of the AP Microeconomics Course Exam Description (CED). It goes over the qualities of the monopsony, minimum wage, demand for labor, as well as the difference between supply and marginal resource cost.
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I would like to acknowlege the work of Dick Brunelle and Steven Reff from Reffonomics.com who’s work inspired many of the review games on ReviewEcon.com. I would also like to thank Francis McMann, James Chasey, and Steven Reff who taught me how to be an effective AP Economics teacher at AP summer institutes; as well as the countless high school teachers, and college professors from the AP readings, economics facebook groups, and #econtwitter.
