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Advanced Placement (AP)Microeconomics (also known asAP Micro andAP Microecon) is a course offered by the College Board as part of the Advanced Placement Program for high school students interested in college-level coursework in microeconomics and/or gainingadvanced standing incollege. The course begins with a study of fundamental economic concepts such asscarcity,opportunity costs, production possibilities, specialization, andcomparative advantage. Major topics include the nature and functions of product markets; factor markets; and efficiency, equity, and the role of government.[1] AP Microeconomics is often taken in conjunction with or afterAP Macroeconomics.[citation needed]
Topics covered in the AP Microeconomics course and exam include:[2]
| Unit | Topic | Exam Weighting |
|---|---|---|
| 1 | Basic Economic Concepts (Scarcity, Resource allocation and economic systems, The Production Possibilities Curve, Comparative advantage and gains from trade, Cost-benefit analysis, Marginal analysis and consumer choice) | 12–15% |
| 2 | Supply and Demand (Demand, Supply, Elasticity, Market equilibrium, disequilibrium, and changes in equilibrium, effects of government intervention in markets, International trade and public policy) | 20–25% |
| 3 | Production,Cost, and thePerfect Competition Model (The production function, Short- and long-run production costs, Types of profit, Profit maximization, Perfect competition) | 22–25% |
| 4 | Imperfect Competition(Monopoly, Price discrimination, Monopolistic competition, Oligopoly and game theory) | 15–22% |
| 5 | Factor Markets (Introduction to factor markets, Changes in factor demand and factor supply, Profit-maximizing behavior in perfectly competitive factor markets, Monopsonistic markets) | 10–13% |
| 6 | Market Failure and the Role of the Government (Socially efficient and inefficient market outcomes, Externalities, Public and private goods, The effects of government intervention in different market structures, Income and wealth inequality) | 8–13% |
94,772 students took the AP Microeconomics exam in 2023.[5]
The exam was first held in 1989, along with Macroeconomics. Grade distributions since 2007 are as follows:
| Score | 2015[6] | 2016[7] | 2017[8] | 2018[9] | 2019[10] | 2020[11] | 2021[12] | 2022[13] | 2023[5] | 2024[14][15] |
|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 19.1% | 17.8% | 23.5% | 19.2% | 24.3% | 23.3% | 18.5% | 17.7% | 21.3% | 17% |
| 4 | 28.6% | 27.5% | 28.1% | 28% | 28.1% | 29.0% | 24.0% | 22.5% | 26.0% | 25% |
| 3 | 19.4% | 22.0% | 18.0% | 20.2% | 17.2% | 16.6% | 16.6% | 18.8% | 20.6% | 23% |
| 2 | 13.8% | 13.7% | 12.0% | 15.8% | 12.0% | 14.2% | 17.0% | 16.9% | 19.9% | 21% |
| 1 | 19.1% | 19.0% | 18.5% | 16.8% | 18.4% | 16.9% | 23.9% | 24.2% | 12.1% | 14% |
| % of scores 3 or higher | 67.1% | 67.3% | 69.5% | 67.4% | 69.6% | 68.9% | 59.1% | 59.0% | 68.0% | 65% |
| Mean | 3.15 | 3.11 | 3.26 | 3.17 | 3.28 | 3.28 | 2.96 | 2.93 | 3.25 | 3.10 |
| Standard deviation | 1.39 | 1.37 | 1.42 | 1.36 | 1.42 | 1.40 | 1.45 | 1.44 | 1.32 | 1.30 |
| Number of Students | 78,408 | 82,388 | 87,858 | 90,032 | 91,551 | 82,415 | 80,199 | 84,386 | 94,772 | 103,809 |
