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AP Microeconomics practice test

StudySim's free AP Microeconomics practice test has 24 sample questions with answer explanations. Analyze consumer and firm decisions, market structures, factor markets, and policy trade-offs. Use the answer explanations to understand the reasoning, then revisit the topics that need more work.

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Sample AP Microeconomics questions

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AP Microeconomics Sample Questions

Practice quiz

1. A bakery can produce one more cake only by giving up production of three loaves of bread. What is the opportunity cost of one additional cake?

2. A consumer receives marginal benefit of $12 from the next unit of a good priced at $8. Ignoring budget constraints and other changes, what does marginal analysis suggest?

3. A country can produce either 30 bicycles or 10 scooters, while another can produce either 24 bicycles or 12 scooters. Assuming linear trade-offs, which specialization follows comparative advantage?

4. A firm has already paid a nonrefundable $5,000 fee. Completing a project now costs $800 and yields $1,100 in additional revenue. What is the economically rational decision?

5. The price of coffee rises, and consumers buy more tea, with other conditions unchanged. What relationship is suggested?

6. Price rises from $10 to $12 and quantity demanded falls from 110 to 90. Using the midpoint method, what is the absolute price elasticity of demand?

7. A binding price ceiling is set below market equilibrium. Without another allocation mechanism, what is the predicted result?

8. A per-unit tax is imposed in a competitive market with relatively inelastic demand and relatively elastic supply. Which group tends to bear more of the tax burden?

9. A perfectly competitive firm is a price taker. What is the relationship between its price and marginal revenue?

10. A firm’s total cost is $80 at four units and $95 at five units. What is the marginal cost of the fifth unit?

11. A competitive firm’s price is $8, average variable cost is $6, and average total cost is $10 at its profit-maximizing output. What should it do in the short run?

12. Profitable firms attract entry into a perfectly competitive industry with constant input prices. What happens in the long run?

13. A single seller is protected by substantial entry barriers and faces the market demand curve. Which market structure is described?

14. A monopolist’s marginal revenue equals marginal cost at 40 units. The demand curve shows consumers will pay $15 for 40 units. What price should the firm charge in the standard single-price model?

15. Two firms can each earn more by jointly restricting output, but each can raise its own profit by secretly increasing output while the other cooperates. What problem is illustrated?

16. A monopolistically competitive firm earns economic profit. Entry introduces close substitutes. What is the standard long-run outcome?

17. A competitive firm hires workers to produce a good sold at a fixed market price. What is the marginal revenue product of labor?

18. An additional worker adds 6 units of output sold for $5 each. The wage is $25 per worker. Ignoring other changes, should a competitive firm hire this worker?

19. Consumer demand for a firm’s product rises, raising its price. With labor productivity and labor supply unchanged, what is the likely effect on its labor demand?

20. A monopsonist must raise the wage paid to all workers to hire an additional worker. How does marginal factor cost compare with the wage?

21. A factory’s pollution imposes health costs on nearby residents that are not included in its private production cost. Which relationship is expected?

22. A good is nonrival and nonexcludable. Why may private markets undersupply it?

23. Vaccination creates benefits for others beyond the benefit to the vaccinated person. In the standard externality model, what policy can move consumption toward the efficient level?

24. A competitive market has demand P = 100 − Q and private marginal cost P = 20 + Q. Each unit creates $20 of marginal external damage. What is the socially efficient quantity?

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Exam at a glance

AP Microeconomics preparation includes Economic choices, Supply and demand, Production and competition, Imperfect competition, Factor markets, Market failure. This StudySim bank provides original multiple-choice skill practice. Consult the official framework for the complete exam format, required tasks, and current policies.

Detail	Information
Content framework	College Board: AP Microeconomics course framework

Source: College Board: AP Microeconomics course framework · Last reviewed Oct 27, 2026

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AP Microeconomics content areas

Economic choices

Practice economic choices with original questions and explanations. Topic labels describe this bank, rather than official section weights.

Supply and demand

Practice supply and demand with original questions and explanations. Topic labels describe this bank, rather than official section weights.

Production and competition

Practice production and competition with original questions and explanations. Topic labels describe this bank, rather than official section weights.

Imperfect competition

Practice imperfect competition with original questions and explanations. Topic labels describe this bank, rather than official section weights.

Factor markets

Practice factor markets with original questions and explanations. Topic labels describe this bank, rather than official section weights.

Market failure

Practice market failure with original questions and explanations. Topic labels describe this bank, rather than official section weights.

Study tips for AP Microeconomics

Explain your answer

Before opening the explanation, identify the evidence, calculation, or rule that supports your choice. Explain why the other choices do not fit.

Practice a weak topic

Use the topic and difficulty filters in exam prep, then review your missed questions. These difficulty labels are editorial estimates, not calibrated exam statistics.

Use official exam materials too

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A few useful details

AP Microeconomics FAQ

Is this an official AP Microeconomics exam?

No. StudySim writes original practice questions independently. This is not a full-length exam, an official past paper, or a predictor of an official exam score.

Can I practice without signing up?

Yes. These prepared practice questions and their explanations are free to use without an account. They do not require an AI generation request.

How should I use the practice results?

Use the raw number correct and topic breakdown to decide what to review. Difficulty labels are editorial estimates. Results are not converted into an official scaled score.

Does this include every exam task?

No. This bank focuses on multiple-choice skills. Official exams may also require essays, free responses, performances, audio, projects, or other task formats; use official resources for those components.

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