AP Microeconomics Practice Quiz: Market Disequilibrium and Changes in Equilibrium
Written by AP Content Team, Verified for 2026 AP Exams, Last updated: May 2026
Test your understanding with short quizzes. This quiz has 9 questions to check your progress.
Question 1 of 9
All Questions (9)
A) the quantity supplied exceeds the quantity demanded at the current price.
B) the quantity demanded exceeds the quantity supplied at the current price.
C) the market price is below the equilibrium price.
D) market forces are driving the price upward.
Correct Answer: A
Based on the provided content's requirement to define a surplus, it is a state of disequilibrium where the amount of a good or service supplied by producers is greater than the amount demanded by consumers at a given price, typically because the price is above equilibrium.
A) the quantity supplied is greater than the quantity demanded.
B) the price is above the market-clearing equilibrium level.
C) the quantity demanded is greater than the quantity supplied.
D) market forces put downward pressure on the price.
Correct Answer: C
The content requires the definition of a shortage. A shortage is a disequilibrium condition where the quantity demanded for a product exceeds the quantity supplied at the current price, which is typically below the equilibrium price.
A) The price increases, causing quantity demanded to rise and quantity supplied to fall.
B) The price decreases, causing quantity demanded to rise and quantity supplied to fall.
C) The demand curve shifts to the right to absorb the excess supply.
D) The supply curve shifts to the left to reduce the excess supply.
Correct Answer: B
The content states that when markets experience imbalances like a surplus, market forces drive price and quantity toward equilibrium. A surplus (excess supply) puts downward pressure on price. As the price falls, consumers are willing to buy more (increase in quantity demanded) and producers are willing to sell less (decrease in quantity supplied), eliminating the surplus.
A) The price will fall, decreasing the quantity supplied and increasing the quantity demanded.
B) The supply curve will shift rightward to meet the excess demand.
C) The price will rise, increasing the quantity supplied and decreasing the quantity demanded.
D) The demand curve will shift leftward to reduce the excess demand.
Correct Answer: C
The provided text explains that market forces drive price and quantity toward equilibrium to correct imbalances. A shortage (excess demand) creates upward pressure on the price. As the price rises, producers are incentivized to supply more, and consumers will demand less, moving the market back to its equilibrium point.
A) Price will decrease and quantity will decrease.
B) Price will increase and quantity will increase.
C) Price will increase and quantity will decrease.
D) Price will decrease and quantity will increase.
Correct Answer: B
The subsidy for buyers acts as a shock that shifts the market demand curve to the right. According to the content, such a change in underlying conditions will alter the price and quantity. A rightward shift in demand leads to a higher equilibrium price and a higher equilibrium quantity.
A) Both consumer surplus and producer surplus will increase.
B) Consumer surplus will increase, and producer surplus will decrease.
C) Consumer surplus will decrease, and the change in producer surplus will be ambiguous.
D) Producer surplus will increase, and consumer surplus will decrease.
Correct Answer: C
The frost is a shock that shifts the supply curve for oranges (an input) to the left, which in turn shifts the supply of orange juice left. This leads to a higher equilibrium price and lower quantity. The higher price and lower quantity unambiguously decrease consumer surplus. The effect on producer surplus is ambiguous because producers receive a higher price but sell a lower quantity.
A) The price will increase less and the quantity will decrease more.
B) The price will increase more and the quantity will decrease less.
C) The change in consumer surplus will be smaller.
D) The change in total economic surplus will be larger.
Correct Answer: B
The content states that the impact of a change depends on price elasticities. A tax shifts the supply curve left. With highly inelastic demand, consumers are not very responsive to price changes. Therefore, the price will rise significantly, but the quantity sold will fall by a small amount. In contrast, with elastic demand, the price would rise less and quantity would fall more.
A) A decrease in consumer incomes, assuming tablets are a normal good.
B) A major technological breakthrough in the manufacturing of tablets.
C) An increase in the price of laptops, a substitute good.
D) New regulations that increase the cost of producing tablets.
Correct Answer: B
The content explains that changes in underlying conditions shift market curves and alter equilibrium. A decrease in price combined with an increase in quantity is the result of the market supply curve shifting to the right. A technological breakthrough would lower production costs and cause such a shift.
A) Total economic surplus will decrease because the price is higher.
B) Total economic surplus will remain unchanged.
C) Total economic surplus will increase because the equilibrium quantity increases.
D) The change in total economic surplus is ambiguous and depends on the price elasticity of supply.
Correct Answer: C
A positive demand shock (rightward shift of the demand curve) leads to a higher equilibrium price and a higher equilibrium quantity. Total economic surplus is the sum of consumer and producer surplus. As the market moves from one efficient equilibrium to another at a higher quantity, the total surplus generated by the market increases. The content states that shifts cause total economic surplus to change.