AP Microeconomics
How individual markets work, from supply and demand to monopoly power.
AP Microeconomics covers how individual markets work — from the basic supply and demand model through market structures like monopoly and oligopoly, then into factor markets and market failure. The exam is split between multiple choice (66% of your score) and free-response questions (34%), and both sections lean heavily on graph analysis.
Each module below includes written explanations, interactive graphs where available, AP-style practice questions with detailed answer breakdowns, and flashcards for key terms. The modules follow the sequence most AP Econ teachers use in class, but you can jump to any topic.
Basic Economic Concepts
InteractiveScarcity, opportunity cost, PPCs, and comparative advantage.
Supply and Demand
InteractiveMarket equilibrium, curve shifts, price controls, and economic shocks.
Elasticity
InteractivePrice elasticity of demand, total revenue test, and cross-price elasticity.
Consumer Choice
Utility, indifference curves, budget constraints, and optimal choice.
Production and Costs
InteractiveShort-run production, cost curves, and diminishing returns.
Perfect Competition
InteractivePrice-taking firms, profit maximization at P = MC, and long-run equilibrium.
Monopoly
InteractiveSingle-firm markets, MR below price, and deadweight loss.
Monopolistic Competition
InteractiveProduct differentiation, short-run profits, and long-run zero-profit.
Oligopoly
Game theory, Nash equilibrium, cartels, and strategic behavior.
Factor Markets
InteractiveLabor markets, wage determination, and marginal revenue product.
Market Failure
Externalities, public goods, and government intervention.
Public Goods & Externalities
InteractiveFree-rider problem, Pigouvian taxes, and the Coase theorem.