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
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