AP®︎ Microeconomics: Topic 2.7 Practice Test
Prepare for your quiz, test, or the AP exam with focused practice questions on Topic 2.7 of AP Microeconomics – Market Disequilibrium and Changes in Equilibrium.
Questions List
Topic 2.7
Question 1 Easy
This question tests the following: MKT-4.B.2
What is income elasticity of demand a measure of?
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 2.7: Market Disequilibrium and Changes in Equilibrium
Learning Objective: MKT-4.B
a. Define a surplus and shortage. b. Explain (using graphs where appropriate) how changes in underlying conditions and shocks to a competitive market can alter price, quantity, consumer surplus, and producer surplus. c. Calculate (using data from a graph or table as appropriate) changes in price, quantity, consumer surplus, and producer surplus in response to changes in market conditions or market disequilibrium.
Essential Knowledge: MKT-4.B.1
Whenever markets experience imbalances— creating disequilibrium prices and quantities, surpluses, and shortages—market forces drive price and quantity toward equilibrium.
Essential Knowledge: MKT-4.B.2
Factors that shift the market demand and market supply curves cause price, quantity, consumer surplus, producer surplus, and total economic surplus (within that market) to change. The impact of the change depends on the price elasticities of demand and supply.
