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  2. AP Microeconomics
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Supply and Demand

Question 1
MicroeconomicsAPConcept Practice
1 mark

Which of the following would cause the demand curve for a normal good to shift to the right?

Question 2
MicroeconomicsAPConcept Practice
1 mark

A decrease in the price of a good will cause which of the following?

Question 3
MicroeconomicsAPConcept Practice
1 mark

According to the law of supply, what happens when the price of a good increases?

Question 4
MicroeconomicsAPConcept Practice
1 mark

Due to a viral social media trend, more consumers want to buy a particular product. How is this represented in a supply and demand model?

Question 5
MicroeconomicsAPConcept Practice
1 mark

Which of the following best describes the law of demand?

Question 6
MicroeconomicsAPConcept Practice
1 mark

Suppose consumer income increases and the price of a complementary good decreases. What is the likely effect on the demand for the good in question?

Question 7
MicroeconomicsAPConcept Practice
1 mark

Given a supply and demand graph, what is the equilibrium price and quantity?

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Question 8
MicroeconomicsAPConcept Practice
1 mark

Suppose the market for widgets is perfectly competitive. The demand and supply curves are given by the following equations, where PPP is the price and QQQ is the quantity:

Demand: Qd=100−2PQ_d = 100 - 2PQd​=100−2P Supply: Qs=3P−50Q_s = 3P - 50Qs​=3P−50

What is the equilibrium price and quantity?

Question 9
MicroeconomicsAPConcept Practice
1 mark

Which of the following would cause the supply curve for a good to shift to the left?

Question 10
MicroeconomicsAPConcept Practice
1 mark

Suppose the cost of raw materials increases and a new technology reduces production costs. What is the likely effect on the supply of the good?