15%-20% of AP Test
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Market Equilibrium
Consumer surplus, producer surplus, and market efficiency
Consumer and producer surplus and sample questions.
Tax incidence and deadweight loss
The basics of demand and supply, and what equilibrium is.
Determinants that cause the demand and supply curve to shift.
Price and quantity controls
Price and quantity controls
Price ceilings and price floors.
Elasticity
Elasticity
Coefficient of elasticity and the total revenue test.
Consumer surplus, producer surplus, and market efficiency
Consumer and producer surplus and sample questions.
Tax incidence and deadweight loss
Per unit tax, dead-weight loss, consumer and producer surplus, tax revenue, producer net price and consumer price.