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AP®︎ Microeconomics Study Guides

Prepare for your quiz, test, or the AP exam with comprehensive study guides that cover everything you need to know. Select a unit or topic to begin.

Unit 1: Basic Econimics Concepts

All Topics
Complete Unit Review

Topic 1.1
Scarcity

Topic 1.2
Resource Allocation and Economic Systems

Topic 1.3
Production Possibilities Curve

Topic 1.4
Comparative Advantage and Trade

Topic 1.5
Cost-Benefit Analysis

Topic 1.6
Marginal Analysis and Consumer Choice

Unit 2: Supply and Demand

All Topics
Complete Unit Review

Topic 2.1
Demand

Topic 2.2
Supply

Topic 2.3
Price Elasticity of Demand

Topic 2.4
Price Elasticity of Supply

Topic 2.5
Other Elasticities

Topic 2.6
Market Equilibrium and Consumer and Producer Surplus

Topic 2.7
Market Disequilibrium and Changes in Equilibrium

Topic 2.8
The Effects of Government Intervention in Markets

Topic 2.9
International Trade and Public Policy

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

All Topics
Complete Unit Review

Topic 3.1
The Production Function

Topic 3.2
Short-Run Production Costs

Topic 3.3
Long-Run Production Costs

Topic 3.4
Types of Profit

Topic 3.5
Profit Maximization

Topic 3.6
Firms’ Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market

Topic 3.7
Perfect Competition

Unit 4: Imperfect Competition

All Topics
Complete Unit Review

Topic 4.1
Introduction to Imperfectly Competitive Markets

Topic 4.2
Monopoly

Topic 4.3
Price Discrimination

Topic 4.4
Monopolistic Competition

Topic 4.5
Oligopoly and Game Theory

Unit 5: Factor Markets

All Topics
Complete Unit Review

Topic 5.1
Introduction to Factor Markets

Topic 5.2
Changes in Factor Demand and Factor Supply

Topic 5.3
Profit-Maximizing Behavior in Perfectly Competitive Factor Markets

Topic 5.4
Monopsonistic Markets

Unit 6: Market Failure and the Role of Government

All Topics
Complete Unit Review

Topic 6.1
Socially Efficient and Inefficient Market Outcomes

Topic 6.2
Externalities

Topic 6.3
Public and Private Goods

Topic 6.4
The Effects of Government Intervention in Different Market Structures

Topic 6.5
Inequality

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