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Principles of Microeconomics

Principles of Microeconomics
Analyze the behavior of individual consumers and businesses in the economy

4 weeks / 6 hours per week

About This Course

This course covers the fundamentals of Microeconomics that are usually covered throughout an introductory one-semester college course. Our goal is to prepare you to pass the CLEP examination and obtain college credit for free.

Questions on this exam will require you to apply analytical techniques to hypothetical as well as real-world situations and to analyze and evaluate economic decisions. You are expected to demonstrate an understanding of how free markets work and allocate resources efficiently.

“Principles of Microeconomics” is a completely self-paced course. It has no prerequisites and it is offered entirely for free.

Course Staff


How is this course organized?

This course is organized into seven topical chapters or modules that contain short video lessons, exercises and readings.

All of the course material has been released at once so you can complete it anytime.

What do I need to pass the CLEP exam?

You need to demonstrate an understanding on microeconomics. The exam contains approximately 80 questions to be answered in 90 minutes. Please examine our syllabus.

How does this course differ from other CLEP textbooks and traditional courses?

This online course includes a carefully structured series of video lectures and exercises taught by a top quality university professor.




How the CLEP Works   

1: Basic Economic Concepts

1.1 Scarcity, Limited Resources, and Opportunity Cost   

1.2 Production Possibilities Curve   

1.3 Comparative Advantage, Specialization, and Trade   

1.4 Economic Systems   

2: Supply and Demand

2.1 Market Equilibrium   

2.2 Elasticity   

2.3 Consumer Surplus, Producer Surplus, and Market Efficiency   

2.4 Tax Incidence and Deadweight Loss   

3: Theory of Consumer Choice

3.1 Theory of Consumer Choice and Deriving the Demand Curve   

4: Production and Costs

4.1 Understanding Production Costs   

5: Firm Behavior and Market Structure

5.1 Profit   

5.2 Perfect Competition   

5.3 Monopoly   

5.4 Oligopoly   

5.5 Monopolistic Competition   

6: Factor Markets

6.1 Market for Inputs in Production   

7: Market Failure and the Role of Government

7.1 Externalities   

7.2 Public Goods   

7.3 Income Distribution   

Sample CLEP Questions

Questions 1 - 15

Questions 16 - 30

Questions 31 - 45

Questions 46 - 60

Questions 61 - 75

Questions 76 - 90

Final Steps

Prof. Helena Keefe's Recommendation   

Exam Time   

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