AP®︎ Microeconomics: Topic 2.1 Practice Test
Prepare for your quiz, test, or the AP exam with focused practice questions on Topic 2.1 of AP Microeconomics – Demand.
Questions List
Topic 2.1
Question 1 Easy
This question tests the following: MKT-3.A.4
What does the demand curve represent?
What You’re Being Tested On:
Explore the learning objectives taken directly from the College Board’s AP® Microeconomics 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 2.1: Demand
Learning Objective: MKT-3.B
Explain (using graphs as appropriate) buyers’ responses to changes in incentives and constraints.
Essential Knowledge: MKT-3.B.1
Changes in the determinants of consumer demand can cause the demand curve to shift.
Learning Objective: MKT-3.A
a. Define (using graphs as appropriate) key terms and factors related to consumer decision making and the law of demand. b. Explain (using graphs as appropriate) the relationship between price and quantity demanded and how buyers respond to incentives and constraints.
Essential Knowledge: MKT-3.A.1
A well-defined system of property rights is necessary for the market system to function well.
Essential Knowledge: MKT-3.A.2
Economic agents respond to incentives.
Essential Knowledge: MKT-3.A.3
Individuals often respond to incentives, such as those presented by prices, but also face constraints, such as income, time, and legal and regulatory frameworks.
Essential Knowledge: MKT-3.A.4
The law of demand suggests that a change in the own-price causes a change in quantity demanded in the opposite direction and a movement along a demand (marginal benefit) curve.
Essential Knowledge: MKT-3.A.5
The conceptual relationship between price and quantity stated by the law of demand leads to downward-sloping demand curves explained by the income effect and substitution effect and/or by diminishing marginal utility.
Essential Knowledge: MKT-3.A.6
The market demand curve (schedule) is derived from the summation of individual demand curves (schedules).
