Practice to Mastery: AP® Microeconomics Workbook gives you that practice: 936 original questions organized by the six units of the AP® Microeconomics course, in the order the course is taught.WHAT'S INSIDE- 840 unit multiple-choice questions, 120 to 150 per unit, each tagged EASY, MEDIUM, or HARD and arranged from easier to harder- 33 unit free-response questions in the format of the real exam, with long and short questions that ask you to assert, explain, calculate, draw, and interpret- A full-length practice exam: 60 multiple-choice questions and 3 free-response questions, timed and weighted like the real exam, with a table for estimating your AP® score- An answer key and a worked explanation for every multiple-choice question, showing why the correct answer is right- Point-by-point scoring guides for every free-response question, with model answers and model graphsTHE SIX UNITS1. Scarce Means, Competing Ends: scarcity, opportunity cost, the PPC, comparative advantage, and marginal analysis2. Prices That Clear the Market: supply and demand, elasticity, surplus, price controls, taxes, and trade3. Inputs, Outlays, and the Price-Taking Firm: production, cost curves, profit, and perfect competition in the short and long run4. When Firms Set the Price: monopoly, price discrimination, monopolistic competition, oligopoly, and game theory5. Pricing the Inputs to Production: factor markets, marginal revenue product, and monopsony6. When Markets Fall Short: externalities, public goods, government intervention, and income inequalityGRAPHS ARE THE CORE SKILLOn the free-response section, points are lost more often on graph labels than on economics. This workbook trains the standard the exam applies. A correctly labeled graph has labeled axes, labeled curves, and dashed lines marking key prices and quantities. Every shift is shown with a new curve, and every area the question asks for is shaded completely. Blank axes are provided wherever you are asked to draw, and every scoring guide includes a model graph to check yours against, label by label. You will practice cost curves, side-by-side firm and market graphs, monopoly and monopolistic competition, factor markets, externalities, and payoff matrices again and again.BUILT FOR THE WAY YOU STUDYWork each unit alongside your class, use the practice exam as a diagnostic and target your weakest units, or move through the book on your own from the first unit to the last. Suggested study plans, a method for keeping an error log, and a list of the classic traps help you turn every missed question into a point you will not miss again: accounting versus economic profit, the ATC, AVC, and MC relationships, MR = MC, elasticity and total revenue, deadweight loss, and Nash equilibrium.WHO IT'S FOR- Students taking AP® Microeconomics- Students in a first college course in the principles of microeconomics- Teachers looking for a bank of original, classroom-ready practice itemsFor twelve more full-length exams, use the companion volume, Practice to Mastery: AP® Microeconomics Practice Exams. The two books share no questions.Every question, graph, and explanation is original and was written for this book.AP® and Advanced Placement® are registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this product.
