AP Microeconomics Details

Exam Topics

- Basic Economic Concepts

- The Nature and Functions of Product Markets
Supply and demand
Theory of consumer choice
Production and costs
Firm behavior and market structure

- Factor Markets
Derived Factor Demand
Marginal revenue product
Hiring decisions in the markets for labor and capital
Market distribution of income

- Market Failure and the Role of Government
Externalities
Public goods
Public policy to promote competition
Income distribution

Exam Format

Section I: Multiple choice, 60 questions,  1 hour 10 minutes, 66% weight
Section II: Free response, 3 questions, 1 hour, 34% weight

 

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