AP Microeconomics Midterm Study Guide Cost curves Price ceiling/price floor Characteristics of monopoly Characteristics of perfect competition Tax

burden (elasticity) Profit maximization monopoly & competition Corporate taxes Perfect competition in long-run equilibrium Perfectly inelastic demand Consumer surplus/Producer surplus Marginal cost Total surplus Perfectly inelastic demand Efficiency Production Possibilities Curve Tragedy of the Commons Common resource Private good vs. public good Trade Absolute Advantage Comparative Advantage Diminishing Marginal product Minimum wage Monopoly graph (very important) Average tax rate Minimum wage Tariff Quota Free rider Scarcity Fixed cost Variable cost Fixed cost vs. variable cost in short run Externality Positive externality Negative externality Determinants of elasticity Elasticity and total revenue Cross-price elasticity of demand Income Elasticity of Demand Microeconomics Economic profit Accounting profit Equity vs. Efficiency Welfare system Economies of scale Thinking at the margin Goal of a firm Law of demand Law of Supply Circular flow diagram Supply and demand diagram Shifts in Supply and Demand Changes in equilibrium price and quantity Surplus/shortage Deadweight loss Draw the Supply and Demand diagram (very important)