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| About the Author | |
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| Author Acknowledgments | |
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| About Research & Education Association | |
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| Publishisher Acknowledgments | |
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| Passing the CLEP Principles of Microeconomics Exam | |
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| Getting Started | |
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| The REA Study Center | |
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| An Overview of the Exam | |
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| All About the CLEP Program | |
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| Options for Military Personnel and Veterans | |
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| SSD Accommodations for Candidates with Disabilities | |
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| 6-Week Study Plan | |
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| Test-Taking Tips | |
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| The Day of the Exam | |
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| Online Diagnostic Tes... www.rea.com/studycenter | |
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| Basic Economic Concepts Review | |
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| Key Terms | |
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| Economic Foundations | |
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| Economic Methodology | |
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| Origins of Supply | |
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| Origins of Demand | |
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| The Nature and Function of Product Markets | |
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| Circular Flow Model | |
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| CLEP Microeconomics Course Review | |
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| Key Terms | |
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| The Nature and Function of Product Markets | |
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| Interaction of Supply and Demand | |
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| Price Elasticity of Demand | |
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| The Total Revenue Test | |
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| Cross Elasticity of Demand | |
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| Price Elasticity of Supply | |
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| Consumer Choice | |
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| Income Constraints and Budget Limits | |
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| Producer Behavior | |
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| Opportunity (Economic) Cost | |
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| Producer Time Constraints | |
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| Short-Run Production Costs | |
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| Cost Analysis | |
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| Long-Run Costs of Production | |
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| Four Production Market Models | |
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| Factor Markets | |
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| Pricing and Employment of Factor Markets | |
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| Marginal Resource Productivity Theory | |
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| The Labor Market and Wages | |
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| Efficiency, Equity, and the Role of Government | |
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| Government Intervention | |
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| Main Government Intervention Methods | |
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| Income Equality and Poverty | |
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| Taxation | |
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| Transfer Payments | |
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| Antidiscrimination Laws | |
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| Practice Test 1 (also available online at www.rea.com/studycenter) | |
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| Answer Key | |
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| Detailed Explanations of Answers | |
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| Practice Test 2 (also available online at www.rea.com/studycenter) | |
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| Answer Key | |
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| Detailed Explanations of Answers | |
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| Answer Sheets | |
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| Glossary | |
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| Index | |