AP Microeconomics Flashcards: Market Disequilibrium and Changes in Equilibrium
Written by AP Content Team, Verified for 2026 AP Exams, Last updated: May 2026
Review key ideas with interactive flashcards. This set includes 10 cards to help you master important concepts.
A new popular health trend significantly increases the number of buyers for a product. What happens to consumer surplus?
This shock shifts the demand curve, which alters the market's equilibrium price and quantity, thereby causing a change in the level of consumer surplus.
Card 1 of 10
All Flashcards (10)
A new popular health trend significantly increases the number of buyers for a product. What happens to consumer surplus?
This shock shifts the demand curve, which alters the market's equilibrium price and quantity, thereby causing a change in the level of consumer surplus.
What is the role of market forces when a market experiences disequilibrium?
When markets experience imbalances like surpluses or shortages, market forces automatically drive the price and quantity back toward equilibrium.
Using a data table showing quantity supplied and demanded at various prices, how would you calculate the size of a shortage?
To calculate a shortage from a table, you would find the price below equilibrium and subtract the quantity supplied from the quantity demanded at that price.
Define a market surplus.
A surplus occurs when the quantity supplied of a good exceeds the quantity demanded at a given price, leading to an imbalance in the market.
If a shock to a competitive market causes the supply curve to shift left, what is the expected impact on price and producer surplus?
A leftward shift in supply will alter the market by increasing the equilibrium price; the change in producer surplus depends on the price elasticities of demand and supply.
Define a market shortage.
A shortage occurs when the quantity demanded of a good exceeds the quantity supplied at a given price, resulting in a market imbalance.
How do market forces correct a shortage?
When a shortage exists, market forces drive the price up toward equilibrium, which decreases the quantity demanded and increases the quantity supplied.
What factor determines the size of the change in price and quantity after a market shock?
The impact of a change in supply or demand depends on the price elasticities of demand and supply for that specific market.
What causes the equilibrium price, quantity, and total surplus in a market to change?
Factors that shift the market demand and market supply curves cause changes in price, quantity, consumer surplus, producer surplus, and total economic surplus.
How do market forces correct a surplus?
In the case of a surplus, market forces will drive the price down toward equilibrium, increasing quantity demanded and decreasing quantity supplied until the market clears.