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CLEP Prep/CLEP Principles of Microeconomics
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CLEP Principles of Microeconomics Prep

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  • Complete ≥80% of your generated study plan
  • Take at least 3 full-length mock exams with a ≥75 average
  • Submit your exam score within 60 days of the exam date
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💰

$97

Exam Cost

⏱️

113 min

Time

🎓

3-6

Credits

✅

~50/80

Passing

What You'll Study

Unit 1: Supply and Demand

law of demandsupply shiftersequilibrium priceprice ceilings and floorsconsumer surplus and producer surplusdeadweight loss from taxestax incidence (elastic vs inelastic)

🎓 Khan Academy — specific sub-units

→ Law of demand & shifters→ Supply curve & shifts→ Price ceilings & floors→ Consumer & producer surplus→ Tax incidence & DWL

📺 Student-recommended video creators (free)

→ Jacob Clifford (ACDC Econ) — Microeconomics review series · Reddit-favorite CLEP micro creator — covers all 5 units→ Modern States — Free Microeconomics CLEP video course · CB-recommended; voucher-eligible after completing

Unit 2: Elasticity and Consumer Choice

price elasticity of demandcross-price elasticityincome elasticitymarginal utility

🎓 Khan Academy — specific sub-units

→ Price elasticity of demand→ Cross-price & income elasticity→ Marginal utility

Unit 3: Market Structures

perfect competitionmonopoly deadweight lossmonopolistic competitionoligopoly and game theoryprice discrimination (1st/2nd/3rd degree)natural monopolyNash equilibrium in oligopoly

🎓 Khan Academy — specific sub-units

→ Perfect competition→ Monopoly & DWL→ Monopolistic competition→ Oligopoly & game theory→ Price discrimination

Unit 4: Factor Markets

marginal revenue productlabor demand and supplywage determinationmonopsony

🎓 Khan Academy — specific sub-units

→ Marginal revenue product→ Labor supply & demand→ Monopsony

Unit 5: Market Failure and Government

externalities and Pigouvian taxespublic goods and free ridersasymmetric informationantitrust policy

🎓 Khan Academy — specific sub-units

→ Externalities & Pigouvian taxes→ Public goods & free riders→ Asymmetric information

About these external resources

Links below point to publicly available third-party study materials (Khan Academy, YouTube creators, Modern States, OpenStax, College Board, etc.). PrepLion does not own, host, or modify this content. We list links as a study aid only — each resource is the property of its respective owner and is subject to their terms of service.

All trademarks, course names, logos, and content remain the property of their respective owners. Khan Academy®, YouTube™, Modern States®, OpenStax®, and CLEP® are trademarks of their respective holders. PrepLion is not affiliated with, endorsed by, or sponsored by any of them. If you are a content owner and would like a link removed, contact contact@preplion.ai.

Linked content may be removed, paywalled, or changed by its owner at any time. We make no warranty as to its accuracy, availability, or suitability for any exam.

Study Guide

Topics, formulas, and key concepts

Flashcards

Spaced-repetition deck

Practice Test

Full-length timed exam

Before you start studying

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Free Resources We Recommend

The best free materials for CLEP Micro. No affiliation, no kickback — just what actually works.

Modern States: Principles of Microeconomics

Modern States (College Board partner)

Free full video course. Earn the free CLEP voucher after 70% completion.

OpenStax: Principles of Microeconomics 3e

OpenStax (free, peer-reviewed)

Supply/demand, elasticity, market structures.

Khan Academy: Microeconomics

Khan Academy

Full micro curriculum with practice problems.

YouTube: CrashCourse Economics

YouTube

Shared with macro — episodes cover both.

Links open in a new tab. PrepLion has no affiliation with these providers — we just think they're the best free options.

Course Notes

- OpenStax Principles of Microeconomics 3e (openstax.org/books/principles-microeconomics-3e): CC BY 4.0 - Khan Academy Microeconomics (khanacademy.org/economics-finance-domain/microeconomics) - CORE Econ (core-econ.org)

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CLEP® is a registered trademark of College Board, which is not affiliated with PrepLion. All practice questions are original content.