AP®︎ Microeconomics Unit 2: Notes & Study Guide
Prepare for your quiz, test, or the AP exam with a comprehensive review on Unit 2 of AP Microeconomics – Supply and Demand.
Unit 2: Supply and Demand
This unit examines how supply and demand interact in competitive markets to determine equilibrium price and quantity, along with elasticity and government interventions.
Begin with Topic 2.1: DemandTo review Unit 2, go through each of the 9 topics below.
Everything you actually need to know for your Unit 2 test, pulled directly from the AP® Microeconomics curriculum.
Demand
Demand
- What Demand Is
- The Law of Demand and Why the Curve Slopes Down
- Demand vs. Quantity Demanded
Supply
Supply
- What Supply Is and the Law of Supply
- Change in Quantity Supplied vs Change in Supply
- Determinants of Supply
Price Elasticity of Demand
Price Elasticity of Demand
- What Price Elasticity of Demand Is
- The Five Types of Elasticity
- Elasticity Along a Demand Curve
Price Elasticity of Supply
Price Elasticity of Supply
- Price Elasticity of Supply
- Types of Elasticity of Supply
- What Determines Price Elasticity of Supply
Other Elasticities
Other Elasticities
- Elasticity Beyond Price
- Income Elasticity of Demand
- Cross-Price Elasticity of Demand
Market Equilibrium and Consumer and Producer Surplus
Market Equilibrium and Consumer and Producer Surplus
- Market Equilibrium
- Consumer Surplus and Producer Surplus
- Calculating Consumer and Producer Surplus
Market Disequilibrium and Changes in Equilibrium
Market Disequilibrium and Changes in Equilibrium
- Surpluses, Shortages, and Disequilibrium
- Consumer Surplus, Producer Surplus, and Deadweight Loss in Disequilibrium
- How Shifts Change Equilibrium, Surplus, and Welfare
The Effects of Government Intervention in Markets
The Effects of Government Intervention in Markets
- Price Controls in Competitive Markets
- Surplus, Shortages, and Deadweight Loss from Price Controls
- Taxes and Subsidies
International Trade and Public Policy
International Trade and Public Policy
- Opening to Trade and the World Price
- Tariffs
- Import Quotas
Notes
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