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Introduction: The Five-Step Program
Step 1 Set Up Your Study Program
1 What You Need to Know About the AP Microeconomics Exam
2 How to Plan Your Time
Step 2 Determine Your Test Readiness
3 Take the Diagnostic Exam
Diagnostic Exam: AP Microeconomics
Step 3 Develop Strategies for Success
4 How to Approach Each Question Type
Section I: Multiple-Choice Questions
Section II: Free-Response Questions
Step 4 Review the Knowledge You Need to Score High
5 Fundamentals of Economic Analysis
5.1 Scarce Resources
5.2 Production Possibilities
5.3 Functions of Economic Systems
6 Demand, Supply, Market Equilibrium, and Welfare Analysis
6.1 Demand
6.2 Supply
6.3 Market Equilibrium
6.4 Welfare Analysis
7 Elasticity, Microeconomic Policy, and Consumer Theory
7.1 Elasticity
7.2 Microeconomic Policy and Applications of Elasticity
7.3 Trade Barriers
7.4 Consumer Choice
8 The Firm, Profit, and the Costs of Production
8.1 Firms, Opportunity Costs, and Profits
8.2 Production and Cost
9 Market Structures, Perfect Competition, Monopoly, and Things Between
9.1 Perfect Competition
9.2 Monopoly
9.3 Monopolistic Competition
9.4 Oligopoly
10 Factor Markets
10.1 Factor Demand
10.2 Least-Cost Hiring of Multiple Inputs
10.3 Factor Supply and Market Equilibrium
10.4 Imperfect Competition in Product and Factor Markets
11 Public Goods, Externalities, and the Role of Government
11.1 Public Goods and Spillover Benefits
11.2 Pollution and Spillover Costs
11.3 Income Distribution and Tax Structures
Step 5 Build Your Test-Taking Confidence
AP Microeconomics Practice Exam 1
AP Microeconomics Practice Exam 2
Appendixes
Further Reading
Websites
Glossary
Important Formulas and Conditions
