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AP Microeconomics

Unit 1: Basic Economic Concepts

Unit 2: Supply and Demand

Unit 3: Production, Cost, and the Perfect Competition Model

3.1 The Production Function

3.2 Short-Run Production Costs

3.3 Long-Run Production Costs

3.4 Types of Profit

3.5 Profit Maximization

3.6 Firms’ Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market

3.7 Perfect Competition

Unit 4: Imperfect Competition

Unit 5: Factor Markets

Unit 6: Market Failure and the Role of Government

AP/Microeconomics/Concept/Unit 3: Production, Cost, and the Perfect Competition Model

Unit 3: Production, Cost, and the Perfect Competition Model

Syllabus: 2026
Section: —
Level: —

Exam analysis

Most tested topics

The Production Function
Short-Run Production Costs
Long-Run Production Costs
Types of Profit
Profit Maximization
Firms’ Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market
Perfect Competition