AP Microeconomics study plan

Define scarcity, opportunity cost, and marginal analysis, then apply each to three novel scenarios

Derive a production possibilities frontier and explain points of inefficiency, efficiency, and unattainability

Distinguish positive from normative statements in ten sample stems

Compute opportunity cost of a single production decision from a table of alternatives

Draw and label supply and demand curves from schedules, then identify equilibrium price and quantity

Predict the direction of shifts in equilibrium from changes in determinants of demand and supply

Calculate and interpret price elasticity of demand, income elasticity, and cross-price elasticity

Classify goods as normal, inferior, substitutes, or complements from elasticity signs

Analyze the effect of a binding price ceiling and price floor on quantity and surplus

Compute total, average, and marginal product and identify the range of diminishing marginal returns

Derive total, average, and marginal cost curves and explain the shape of each

Distinguish accounting from economic profit and calculate both from a cost table

Determine shutdown and break-even points from price and average variable cost

Graph a perfectly competitive firm and market in long-run equilibrium

Compare market structures on number of firms, entry barriers, and price-setting power

Determine profit-maximizing output and price for a monopoly using marginal revenue equals marginal cost

Identify deadweight loss from monopoly on a graph and explain its source

Explain strategic interdependence and solve a two-player payoff matrix for Nash equilibrium

Distinguish allocative from productive efficiency across market structures

Write a full free-response answer under 25-minute timed conditions

Construct a correctly labeled graph with all required labels, shifts, and shaded areas

State a conclusion and justify it with explicit economic reasoning rather than restating the prompt

Identify the point value of each part and allocate response length proportionally

Explain how externalities create market failure and show the welfare loss on a graph

Analyze the effects of a corrective tax or subsidy on equilibrium quantity and deadweight loss

Describe public goods and common resources and explain the free-rider and tragedy-of-the-commons problems

Interpret a Lorenz curve and Gini coefficient to assess income distribution

Complete a full-length timed multiple-choice section under exam conditions

Complete a full-length timed free-response section under exam conditions

Categorize every error by cause: concept gap, misread, graph error, or calculation slip

Re-teach the two weakest concept areas using self-generated examples

Re-drill the five flagged weak areas until accuracy exceeds 85%

Practice pacing to finish the multiple-choice section with five minutes to spare

Rehearse graph construction for elasticity, cost curves, monopoly, and externalities from memory

Review a personal error log and confirm each entry is resolved