AP Microeconomics

Market equilibrium, curve shifts, price controls, and economic shocks.

Price elasticity of demand, total revenue test, and cross-price elasticity.

Utility, indifference curves, budget constraints, and optimal choice.

Short-run production, cost curves, and diminishing returns.

Price-taking firms, profit maximization at P = MC, and long-run equilibrium.

Single-firm markets, MR below price, and deadweight loss.

Product differentiation, short-run profits, and long-run zero-profit.

Game theory, Nash equilibrium, cartels, and strategic behavior.

Labor markets, wage determination, and marginal revenue product.

Externalities, public goods, and government intervention.

Free-rider problem, Pigouvian taxes, and the Coase theorem.