The Principles of Microeconmics CLEP test study guide will teach you everything you need to know to pass the Principles of Microeconomics test. You'll learn and apply knowledge of market systems, social systems and economies of scale. This test is a good fit with the Macroeconomics test that you can also take.Using our comprehensive system, you'll study with our flashcards and add your own to drill down on specific subjects that are giving you trouble.
Download our gift to you, Study Tips for CLEP Students, to get you started. Detailed information in this guide includes:
Supply and Demand
Shift in Demand Curve
Scarcity the Nature of Economic Systems
Sample Test Questions
Revenue
Public Good
Profit Maximization
Perfect Competition
Opportunity Costs and Productive Possibilities
Monopoly
Monopolistic Competition
Market Failures and the Role of Government
Long run costs and economies of scale
Long Period Total Cost Curves
Firm's Production Cost and Revenue
Factor Market
Externalities: a.k.a. spillover or Third Party effect
Externalities, Public Good and Information Economics
Elasticity of Demand
Efficiency
Economies of scale
Distribution of Income
Diminishing Marginal Benefit
Determination of Wages and Other Factors of Production
Derived Demand
Demand, Supply and Price Determination
Consumer's Surplus
Consumer Demand
Comparative Advantage
Basic Economic Concepts
