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AP Microeconomics

Tips

AP Microeconomics covers scarcity and opportunity cost, supply and demand, elasticity, production and costs, the four market structures, factor markets, and market failure with government intervention. It is a small syllabus studied deeply.

The graph is the answer. Most free-response marks are awarded for a correctly labelled diagram — axes named, curves labelled, the new equilibrium marked and the direction of the shift shown. A written explanation of a shift you did not draw earns very little.

Practise drawing them quickly and correctly by hand, especially the cost curves and perfect competition versus monopoly, which appear constantly.

Notes cover all six units with the cost curves and market diagrams drawn rather than described. Past FRQs with scoring guidelines are in the library. Micro's marks frequently go to showing the shift and its consequence, so the worked answers keep the graph at the centre.

Train all vocabulary
Past Papers
  • 1

    Basic Economic Concepts

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    • 1.1 Scarcity
    • 1.2 Resource Allocation and Economic Systems
    • 1.3 The Production Possibilities Curve
    • 1.4 Comparative Advantage and Gains from Trade
    • 1.5 Cost-Benefit Analysis
    • 1.6 Marginal Analysis and Consumer Choice
    • 1.6 Exam tips
  • 2

    Supply and Demand

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    • 2.1 Demand
    • 2.2 Supply
    • 2.3 Price Elasticity of Demand
    • 2.4 Price Elasticity of Supply
    • 2.5 Other Elasticities
    • 2.6 Market Equilibrium, Consumer Surplus, and Producer Surplus
    • 2.7 Market Disequilibrium and Changes in Equilibrium
    • 2.8 The Effects of Government Intervention in Markets
    • 2.9 International Trade and Public Policy
    • 2.9 Exam tips
  • 3

    Production, Cost, and the Perfect Competition Model

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    • 3.1 The Production Function
    • 3.2 Short-Run Production Costs
    • 3.3 Long-Run Production Costs
    • 3.4 Types of Profit
    • 3.5 Profit Maximization
    • 3.6 Deciding to Produce, Enter, or Exit
    • 3.7 Perfect Competition
    • 3.7 Exam tips
  • 4

    Imperfect Competition

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    • 4.1 Imperfect Competition and Market Power
    • 4.2 Monopoly
    • 4.3 Price Discrimination
    • 4.4 Monopolistic Competition
    • 4.5 Oligopoly and Game Theory
    • 4.2 Worked FRQ: Monopoly and Government Policy
    • 4.2 Exam tips
  • 5

    Factor Markets

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    • 5.1 Introduction to Factor Markets
    • 5.2 Changes in Factor Demand and Factor Supply
    • 5.3 Profit-Maximizing Behavior in Perfectly Competitive Factor Markets
    • 5.4 Monopsonistic Markets
    • 5.4 Exam tips
  • 6

    Market Failure and the Role of Government

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    • 6.1 Socially Efficient and Inefficient Market Outcomes
    • 6.2 Externalities
    • 6.3 Public and Private Goods
    • 6.4 The Effects of Government Intervention in Different Market Structures
    • 6.5 Inequality
    • 6.5 Exam tips

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