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AP® Microeconomics

AP® Microeconomics

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AP Micro zooms in on how individuals and firms make choices, how markets work (and sometimes fail), and how policy can improve or distort outcomes. You’ll analyze supply & demand, production and costs, competitive and imperfect markets, factor markets, and government intervention using graphs, algebra, and clear economic reasoning. Each sub-unit below includes 20 questions to sharpen MCQ and FRQ skills.

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Units

Unit 1 | Basic Economic Concepts

  • 1.1 Scarcity, Trade-offs & Opportunity Cost — 20 Qs
  • 1.2 Production Possibilities Curve (PPC): Efficiency & Growth — 20 Qs
  • 1.3 Comparative vs. Absolute Advantage & Terms of Trade — 20 Qs
  • 1.4 Specialization & Gains from Trade — 20 Qs
  • 1.5 Marginal Analysis & Decision-Making — 20 Qs
  • 1.6 Positive vs. Normative Economics; Property Rights — 20 Qs

Unit 2 | Supply and Demand

  • 2.1 Demand: Law, Shifters & Consumer Choice Intuition — 20 Qs
  • 2.2 Supply: Law, Shifters & Producer Behavior — 20 Qs
  • 2.3 Market Equilibrium & Changes in Equilibrium — 20 Qs
  • 2.4 Elasticity (Price, Income, Cross) & Revenue — 20 Qs
  • 2.5 Consumer & Producer Surplus; Welfare Analysis — 20 Qs
  • 2.6 Price Controls, Quotas, Taxes/Subsidies & Deadweight Loss — 20 Qs
  • 2.7 International Trade: Tariffs, Quotas & Terms of Trade — 20 Qs

Unit 3 | Production, Cost, and the Perfect Competition Model

  • 3.1 Short-Run Production: TP/MP/AP & Diminishing Returns — 20 Qs
  • 3.2 Short-Run Costs: TFC, TVC, ATC, AVC, MC — 20 Qs
  • 3.3 Long-Run Costs & Economies/Diseconomies of Scale — 20 Qs
  • 3.4 Profit Maximization (MR=MC), Shutdown & Breakeven — 20 Qs
  • 3.5 Perfect Competition in the Short Run — 20 Qs
  • 3.6 Perfect Competition in the Long Run & Efficiency — 20 Qs

Unit 4 | Imperfect Competition

  • 4.1 Monopoly: Sources of Power, Pricing & Inefficiency — 20 Qs
  • 4.2 Natural Monopoly & Regulation (Socially Optimal vs. Fair-Return) — 20 Qs
  • 4.3 Price Discrimination & Market Segmentation — 20 Qs
  • 4.4 Monopolistic Competition: SR/LR Outcomes & Product Differentiation — 20 Qs
  • 4.5 Oligopoly, Game Theory & Payoff Matrices (Nash, Dominant Strategies) — 20 Qs
  • 4.6 Collusion, Cartels & the Kinked Demand Idea — 20 Qs
  • 4.7 Comparing Market Structures & Welfare — 20 Qs

Unit 5 | Factor Markets

  • 5.1 Derived Demand: Marginal Revenue Product (MRP) — 20 Qs
  • 5.2 Labor Supply/Demand & Competitive Wage Determination — 20 Qs
  • 5.3 Monopsony, Minimum Wage & Employment Effects — 20 Qs
  • 5.4 Capital & Interest; Present Value — 20 Qs
  • 5.5 Land & Economic Rent; Resource Allocation — 20 Qs
  • 5.6 Marginal Productivity Theory of Income Distribution — 20 Qs

Unit 6 | Market Failure and the Role of Government

  • 6.1 Externalities & Remedies: Pigouvian Taxes/Subsidies, Tradable Permits — 20 Qs
  • 6.2 Public Goods, Common Resources & the Free-Rider Problem — 20 Qs
  • 6.3 Asymmetric Information: Adverse Selection & Moral Hazard — 20 Qs
  • 6.4 Taxation & Incidence; Equity vs. Efficiency; DWL — 20 Qs
  • 6.5 Income Distribution, Lorenz Curve & Gini Coefficient — 20 Qs
  • 6.6 Antitrust Policy & Regulation of Market Power — 20 Qs

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