AP Microeconomics

• Scarcity and the Factors of Production
• Opportunity Cost
• Positive and Normative Statements
• Economic Systems
• Budget Constraints
• The Production Possibilities Curve
• Opportunity Cost Along the PPC
• Growth and Shifts of the PPC
• Absolute and Comparative Advantage
• Specialization and the Terms of Trade
• Marginal Benefit, Marginal Cost and Sunk Costs
• Total and Marginal Utility
• Marginal Utility per Dollar

Covers official topics 1.1–1.6. Budget constraints come from the OpenStax text and lead into the PPC.

• The Law of Demand
• Demand Equations Both Ways
• Change in Demand vs Change in Quantity Demanded
• What Shifts Demand
• Substitutes and Complements
• The Law of Supply
• What Shifts Supply
• Price Elasticity of Demand
• Elastic, Inelastic and What Decides It
• Elasticity and Total Revenue
• Price Elasticity of Supply
• Income and Cross-Price Elasticity
• Market Equilibrium
• Consumer and Producer Surplus
• Total Surplus and Deadweight Loss
• Shortages and Surpluses
• When One Curve Shifts
• When Both Curves Shift
• Price Ceilings and Price Floors
• Per-Unit Taxes
• Who Really Pays a Tax
• Per-Unit Subsidies
• Trade at the World Price
• Tariffs and Import Quotas

Covers official topics 2.1–2.9.

• Short-Run Production
• Short-Run Costs
• How Marginal and Average Costs Relate
• What Shifts the Cost Curves
• Economies and Diseconomies of Scale
• Accounting and Economic Profit
• Perfect Competition and Price Takers
• Profit-Maximizing Output: MR = MC
• Profit and Loss on the Graph
• The Shutdown Rule
• Entry, Exit and the Long Run
• Allocative and Productive Efficiency

Covers official topics 3.1–3.7.

• Monopoly and Barriers to Entry
• Why Marginal Revenue Is Below Price
• The Monopolist's Price and Output
• Monopoly and Deadweight Loss
• Regulating a Natural Monopoly
• Price Discrimination
• Monopolistic Competition
• Payoff Matrices and Dominant Strategies
• Nash Equilibrium and the Prisoner's Dilemma

Covers official topics 4.1–4.5. The introduction to imperfectly competitive markets (4.1) is taught inside the monopoly topics rather than as a topic of its own.

• Marginal Revenue Product and Hiring
• Shifts in Labor Demand and Supply
• The Least-Cost Mix of Inputs
• Monopsony

Covers official topics 5.1–5.4.

• Negative Externalities
• Positive Externalities
• Correcting Externalities
• Rival and Excludable Goods
• Public Goods and Free Riders
• What Shifts the Cost Curves
• Regulating a Natural Monopoly
• Price Ceilings and Price Floors
• Measuring Income Inequality

Covers official topics 6.1–6.4. Topic 6.4 (government intervention in different market structures) has no single practice topic: lump-sum versus per-unit taxes are in What Shifts the Cost Curves, price regulation of a monopoly in Regulating a Natural Monopoly, and antitrust policy is described in the monopoly lessons. Measuring Income Inequality is in our course although the Fall 2026 framework does not list it.