CLEP Microeconomics

CLEP Microeconomics covers the fundamental concepts of microeconomic theory, including supply and demand, market structures, and the behavior of consumers and firms.

Understanding Supply and DemandElasticity and Its ImportanceConsumer and Producer Behavior
Market Structures: Perfect Competition to MonopolyProduction Costs and Profit MaximizationGovernment Intervention and Market Failure
Analyzing Prices and TrendsMaking Smart Consumer ChoicesEvaluating Business Decisions
Mastering Graphs and FormulasTime Management and Test-Taking
Understanding Supply...Elasticity and Its I...Consumer and Produce...Market Structures: P...Production Costs and...Government Intervent...Analyzing Prices and...Making Smart Consume...Evaluating Business ...Mastering Graphs and...Time Management and ...
Practical Applications

Evaluating Business Decisions

Think Like an Entrepreneur

Microeconomic concepts help you analyze business choices, from pricing products to investing in new equipment.

What to Consider

  • Calculate costs and expected revenues.
  • Use marginal analysis to decide whether to expand or cut back.
  • Consider market structure: How much competition is there?

Impact

Making better decisions can lead to higher profits and smarter investments.

Examples

  • A local coffee shop decides to add vegan pastries after analyzing customer demand.

  • A start-up weighs whether to buy a new delivery van based on expected sales increases.

Next
Mastering Graphs and Formulas