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  • Study Guide - Test 2 AP Microeconomics Topics and Key Concepts

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    This study guide covers topics that will be on Test 2 for AP Microeconomics, including costs of production, different types of markets, and the contrasts between perfect competition and monopoly. Key concepts are variable costs, fixed costs, marginal costs, revenue, and market structures. Students should be able to draw and interpret graphs of perfectly competitive and monopolistic market structures, showing concepts like profit maximization and deadweight loss.

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    Study Guide

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    A4R77362Q9G_StudyGuideTest2APMicro (1)

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    This study guide covers topics that will be on Test 2 for AP Microeconomics, including costs of production, different types of markets, and the contrasts between perfect competition and monopoly. Key concepts are variable costs, fixed costs, marginal costs, revenue, and market structures. Students should be able to draw and interpret graphs of perfectly competitive and monopolistic market structures, showing concepts like profit maximization and deadweight loss.

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    12 views1 page

    Study Guide - Test 2 AP Microeconomics Topics and Key Concepts

    Uploaded by

    dynamesgn
    This study guide covers topics that will be on Test 2 for AP Microeconomics, including costs of production, different types of markets, and the contrasts between perfect competition and monopoly. Key concepts are variable costs, fixed costs, marginal costs, revenue, and market structures. Students should be able to draw and interpret graphs of perfectly competitive and monopolistic market structures, showing concepts like profit maximization and deadweight loss.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    AP Microeconomics

    Dr. Funk
    Study Guide Test 2 AP Microeconomics
    Topics and Key Concepts:
    A. Costs of Production
    B. Types of Market
    C. Contrast: Perfect Competition v Monopoly
    Key Terms:
    Variable cost, fixed cost, total cost, average cost, marginal cost, total product, marginal
    product, total revenue, marginal revenue, production function, diminishing marginal
    returns, long run v short run, profit, loss, social maximum output, characteristics of
    market structures (perfect competition vs. monopolistic competition), product
    differentiation, efficiency, difference in profit maximization of perfect competitor vs.
    monopolist, dead weight loss, price discrimination antitrust / antimonopoly laws.
    Short / Long Response
    Please assure that you can draw and interpret the perfectly competitive market structure
    in a side-by-side graph (industry/ market vs. individual firm)
    In addition, assure that you can draw and interpret the monopolistic market structure
    (profit maximization, dead weight loss, optimal quantity, etc.)

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