CLEP Principles of Microeconomics: Practice & Study Guide

Course Summary

This study guide helps you review basic concepts of microeconomics in preparation for the College-Level Examination Program (CLEP) Principles of Microeconomics exam. Through a series of bite-sized lessons, you'll study the economic systems, markets and theories that you need to know when you take the exam.
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11 chapters in CLEP Principles of Microeconomics: Practice & Study Guide

Week {{::cp.getGoalWeekForTopic(0, 11)}}
Ch 1. Fundamental Concepts in Microeconomics {{cp.topicAssetIdToProgress[459975].percentComplete}}% complete
Course Progress Best Score
Lesson 1 - What Is Microeconomics? - Definition & Topics Score: {{cp.lessonAssetIdToProgress[15808].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15808].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Economic Scarcity and the Function of Choice Score: {{cp.lessonAssetIdToProgress[1912].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1912].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Opportunity Cost: Definition & Real World Examples Score: {{cp.lessonAssetIdToProgress[1913].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1913].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - How to Calculate Opportunity Cost Score: {{cp.lessonAssetIdToProgress[1914].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1914].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Shifts in the Production Possibilities Curve Score: {{cp.lessonAssetIdToProgress[1916].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1916].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Using the Production Possibility Curve to Illustrate Economic Conditions Score: {{cp.lessonAssetIdToProgress[48234].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[48234].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Comparative Advantage: Definition and Examples Score: {{cp.lessonAssetIdToProgress[1919].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1919].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Gains From Trade and the Benefit of Specialization Score: {{cp.lessonAssetIdToProgress[1920].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1920].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - The Role of Property Rights in Economic Theory Score: {{cp.lessonAssetIdToProgress[140387].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140387].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Economic Incentives: Definition & Examples Score: {{cp.lessonAssetIdToProgress[7904].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[7904].bestScoreQuestions}}  Take Quiz Optional
Lesson 11 - Marginal Analysis in Economics: Definition, Formula & Examples Score: {{cp.lessonAssetIdToProgress[15863].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15863].bestScoreQuestions}}  Take Quiz Optional
Week {{::cp.getGoalWeekForTopic(2, 11)}}
Course Progress Best Score
Lesson 1 - The Concept of Ceteris Paribus in Economics Score: {{cp.lessonAssetIdToProgress[22951].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22951].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Understanding the Demand Curve in Microeconomics Score: {{cp.lessonAssetIdToProgress[22952].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22952].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - The Supply Curve in Microeconomics Score: {{cp.lessonAssetIdToProgress[22953].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22953].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Causes of Supply and Demand Changes in Microeconomics Score: {{cp.lessonAssetIdToProgress[22954].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22954].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Market Equilibrium from a Microeconomics Perspective Score: {{cp.lessonAssetIdToProgress[22955].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22955].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Identifying Shortages and Surpluses in Microeconomics Score: {{cp.lessonAssetIdToProgress[22956].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22956].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Microeconomic Shifts in Supply and Demand Curves Score: {{cp.lessonAssetIdToProgress[22957].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22957].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Using Market Forces to Manipulate Supply and Demand Score: {{cp.lessonAssetIdToProgress[22958].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22958].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - Price Ceilings and Price Floors in Microeconomics Score: {{cp.lessonAssetIdToProgress[22959].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22959].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Controlling Supply: Government Intervention & Market Forces Score: {{cp.lessonAssetIdToProgress[22960].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[22960].bestScoreQuestions}}  Take Quiz Optional
Lesson 11 - Tax Incidence: Definition, Formula & Example Score: {{cp.lessonAssetIdToProgress[15723].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15723].bestScoreQuestions}}  Take Quiz Optional
Lesson 12 - Deadweight Welfare Loss & Marginal Diagrams Score: {{cp.lessonAssetIdToProgress[140390].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140390].bestScoreQuestions}}  Take Quiz Optional
Lesson 13 - Surplus in Economics: Definition & Overview Score: {{cp.lessonAssetIdToProgress[10232].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[10232].bestScoreQuestions}}  Take Quiz Optional
Week {{::cp.getGoalWeekForTopic(4, 11)}}
Course Progress Best Score
Lesson 1 - The Importance of Consumer Choice in Economics Score: {{cp.lessonAssetIdToProgress[21532].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[21532].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - What is Marginal Utility? - Definition, Theory, Formula & Example Score: {{cp.lessonAssetIdToProgress[15734].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15734].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Utility Maximization: Budget Constraints & Consumer Choice Score: {{cp.lessonAssetIdToProgress[32912].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32912].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Understanding the Individual Demand Curve Score: {{cp.lessonAssetIdToProgress[32913].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32913].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Factors that Affect the Market Demand Curve Score: {{cp.lessonAssetIdToProgress[32914].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32914].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Calculating & Using the Market Demand Curve in Microeconomics Score: {{cp.lessonAssetIdToProgress[32925].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32925].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Substitution & Income Effects: Impacts on Supply & Demand Score: {{cp.lessonAssetIdToProgress[32915].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[32915].bestScoreQuestions}}  Take Quiz Optional
Week {{::cp.getGoalWeekForTopic(5, 11)}}
Course Progress Best Score
Lesson 1 - What is Short-Run Production? - Definition & Examples Score: {{cp.lessonAssetIdToProgress[37335].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37335].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Total Product, Average Product & Marginal Product in Economics Score: {{cp.lessonAssetIdToProgress[37336].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37336].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Identifying Fixed Costs & Variable Costs for Producers Score: {{cp.lessonAssetIdToProgress[37337].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37337].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - The Law of Diminishing Marginal Returns Score: {{cp.lessonAssetIdToProgress[37338].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37338].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Using the Total Cost Curve to Make Production Decisions in the Short-Run Score: {{cp.lessonAssetIdToProgress[37339].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37339].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Average Cost Vs. Total Cost: Making Production Decisions in the Short-Run Score: {{cp.lessonAssetIdToProgress[37340].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37340].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - How Marginal Costs Differ from Average & Total Costs Score: {{cp.lessonAssetIdToProgress[37341].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37341].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Product & Cost Curves: Definitions & Use in Production Possibility Curves Score: {{cp.lessonAssetIdToProgress[37342].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37342].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - Understanding Long-Run Production Decisions in Economics Score: {{cp.lessonAssetIdToProgress[37343].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37343].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Short-Run Costs vs. Long-Run Costs in Economics Score: {{cp.lessonAssetIdToProgress[37344].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37344].bestScoreQuestions}}  Take Quiz Optional
Lesson 11 - What Are Economies of Scale? - Definition & Impact on Fixed Costs Score: {{cp.lessonAssetIdToProgress[37345].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37345].bestScoreQuestions}}  Take Quiz Optional
Lesson 12 - Cost Minimization & Productive Efficiency Score: {{cp.lessonAssetIdToProgress[140393].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140393].bestScoreQuestions}}  Take Quiz Optional
Week {{::cp.getGoalWeekForTopic(6, 11)}}
Course Progress Best Score
Lesson 1 - How to Calculate Economic Profit: Definition & Formula Score: {{cp.lessonAssetIdToProgress[15684].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15684].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Profit Maximization: Definition, Equation & Theory Score: {{cp.lessonAssetIdToProgress[9522].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[9522].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Normal Profit, Supernormal Profit & Loss Situations Score: {{cp.lessonAssetIdToProgress[140395].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140395].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Perfect Competition in Economics & Adam Smith's 'Invisible Hand' Score: {{cp.lessonAssetIdToProgress[37347].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37347].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Economic Efficiency: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15747].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15747].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - What is a Monopoly in Economics? - Definition & Impact on Consumers Score: {{cp.lessonAssetIdToProgress[37348].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37348].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Natural Monopoly in Economics: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15662].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15662].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Price Discrimination: Definition, Types & Examples Score: {{cp.lessonAssetIdToProgress[15780].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15780].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - Understanding Monopolistic Competition in Economics Score: {{cp.lessonAssetIdToProgress[37349].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37349].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Characteristics of Monopolistic Competition Score: {{cp.lessonAssetIdToProgress[140396].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140396].bestScoreQuestions}}  Take Quiz Optional
Lesson 11 - Oligopoly Competition: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15756].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15756].bestScoreQuestions}}  Take Quiz Optional
Lesson 12 - Collusion in Economics: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15873].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15873].bestScoreQuestions}}  Take Quiz Optional
Lesson 13 - Cartel: Definition & Economics Score: {{cp.lessonAssetIdToProgress[89859].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[89859].bestScoreQuestions}}  Take Quiz Optional
Lesson 14 - What is Game Theory? - Explanation & Application in Economics Score: {{cp.lessonAssetIdToProgress[37353].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37353].bestScoreQuestions}}  Take Quiz Optional
Week {{::cp.getGoalWeekForTopic(7, 11)}}
Course Progress Best Score
Lesson 1 - Factor Market: Definition & Examples Score: {{cp.lessonAssetIdToProgress[85182].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[85182].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Derived Factor Demand: Definition & Overview Score: {{cp.lessonAssetIdToProgress[140398].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140398].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Marginal Revenue Product: Definition & Formula Score: {{cp.lessonAssetIdToProgress[15768].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15768].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Hiring Labor & Acquiring Capital in Factor Markets Score: {{cp.lessonAssetIdToProgress[140399].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140399].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Factor & Personal Distribution of Income Score: {{cp.lessonAssetIdToProgress[85183].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[85183].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - What Is Market Failure? - Definition & Types Score: {{cp.lessonAssetIdToProgress[140400].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140400].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Marginal Social Costs & Marginal Social Benefits Score: {{cp.lessonAssetIdToProgress[140401].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140401].bestScoreQuestions}}  Take Quiz Optional
Lesson 8 - Negative Externality: Definition & Example Score: {{cp.lessonAssetIdToProgress[15692].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15692].bestScoreQuestions}}  Take Quiz Optional
Lesson 9 - Positive Externality: Definition & Examples Score: {{cp.lessonAssetIdToProgress[15757].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[15757].bestScoreQuestions}}  Take Quiz Optional
Lesson 10 - Remedying Market Failures Score: {{cp.lessonAssetIdToProgress[140402].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[140402].bestScoreQuestions}}  Take Quiz Optional
Week {{::cp.getGoalWeekForTopic(9, 11)}}
Course Progress Best Score
Lesson 1 - Trade Barriers: Impacts on Prices & Demand Score: {{cp.lessonAssetIdToProgress[37361].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37361].bestScoreQuestions}}  Take Quiz Optional
Lesson 2 - Types of Taxes & the US Tax Code: Impact on Microeconomics Score: {{cp.lessonAssetIdToProgress[37362].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37362].bestScoreQuestions}}  Take Quiz Optional
Lesson 3 - Anti-Trust Legislation in the US: History & Impact on the Economy Score: {{cp.lessonAssetIdToProgress[37363].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37363].bestScoreQuestions}}  Take Quiz Optional
Lesson 4 - Governmental Regulation & Deregulation of the Economy Score: {{cp.lessonAssetIdToProgress[37364].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[37364].bestScoreQuestions}}  Take Quiz Optional
Lesson 5 - Circular Flow of Economic Activity: The Flow of Goods, Services & Resources Score: {{cp.lessonAssetIdToProgress[1929].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[1929].bestScoreQuestions}}  Take Quiz Optional
Lesson 6 - Factors Affecting Poverty in the United States Score: {{cp.lessonAssetIdToProgress[58710].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[58710].bestScoreQuestions}}  Take Quiz Optional
Lesson 7 - Income Distribution and Inequality in the US Score: {{cp.lessonAssetIdToProgress[58711].bestScoreCorrect}}/{{cp.lessonAssetIdToProgress[58711].bestScoreQuestions}}  Take Quiz Optional

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