Advanced Placement (AP) Microeconomics (also known as AP Micro) is a course offered by the College Board as part of the Advanced Placement Program for high school students interested in college-level coursework in microeconomics and/or gaining advanced standing in college. The course begins with a study of fundamental economic concepts such as scarcity, opportunity costs, production possibilities, specialization, and comparative advantage. Major topics include the nature and functions of product markets; factor markets; and efficiency, equity, and the role of government. AP Microeconomics is often taken in conjunction with or after AP Macroeconomics. Topics outline and distribution of topics Basic Economic Concepts (8-14%) The Nature and Functions of Product Markets (55-70%) Factor Markets (10-18%) Market Failure and the Role of Government (12-18%) The exam Multiple Choice [70 minutes, weighted 2/3 (66.7%) of the total exam score] Free-Response [10 minutes of planning then 50 minutes of writing with one longer free-response question and two shorter ones, weighted 1/3 (33.3%) of the total exam score] Grade distribution 74,049 students took the AP Microeconomics exam in 2014. The exam was first held in 1989, along with Macroeconomics. Grade distributions since 2008 are as follows: See also AP Macroeconomics Microeconomics Economics Economics education#Curriculum Glossary of economics External links AP: Microeconomics Study Resources Free online AP Microeconomics course taught by Prof. Jon Gruber (MIT): https://www.edx.org/course/introductory-ap-microeconomics Economics education Advanced Placement