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

Making Smart Consumer Choices

Be a Savvy Shopper!

Microeconomics teaches you to compare prices, understand value, and avoid tricks that businesses use to influence buying decisions.

Practical Tips

  • Compare the marginal utility (extra satisfaction) you get from each dollar spent.
  • Look for substitutes if the price of your favorite item rises.
  • Be aware of how branding and advertising affect your choices.

Why It Matters

These strategies help you stretch your budget and avoid costly mistakes.

Examples

  • Switching from name-brand cereal to a store brand when prices go up.

  • Using price comparison apps to find the best deal on headphones.

Next
Evaluating Business Decisions