AP®︎ Macroeconomics: Topic 1.6 Practice Test
Prepare for your quiz, test, or the AP exam with focused practice questions on Topic 1.6 of AP Macroeconomics – Market Equilibrium, Disequilibrium, and Changes in Equilibrium.
Questions List
Topic 1.6
Question 1 Easy
This question tests the following: MKT-2.E
What is market equilibrium?
What You’re Being Tested On:
Explore the learning objectives taken directly from the College Board’s AP® Macroeconomics Curriculum. Ensure you’re prepared for the exact topics covered on the AP® exam, in-class tests, and quizzes, and gain confidence in your mastery of the material.
Topic 1.6: Market Equilibrium, Disequilibrium, and Changes in Equilibrium
Learning Objective: MKT-2.E
Define (using graphs as appropriate) market equilibrium.
Essential Knowledge: MKT-2.E.1
Equilibrium is achieved at the price at which quantities demanded and supplied are equal.
Learning Objective: MKT-2.F
a. Define a surplus and shortage. b. Explain (using graphs as appropriate) how prices adjust to restore equilibrium in markets that are experiencing imbalances. c. Calculate (using graphs as appropriate) the surplus or shortage in the market experience an imbalance.
Essential Knowledge: MKT-2.F.1
Whenever markets experience imbalances— creating disequilibrium prices, surpluses, and shortages—market forces drive prices toward equilibrium.
Learning Objective: MKT-2.G
Explain (using graphs as appropriate) how changes in demand and supply affect equilibrium price and equilibrium quantity.
Essential Knowledge: MKT-2.G.1
Changes in the determinants of supply and/ or demand result in a new equilibrium price and quantity.
