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AP Macroeconomics Mkt 2 F a Define a Surplus and Shortage B Explain Using Graphs As Appropriate How Prices Adjust to Restore Equilibrium in Markets Questions

Compare quantity demanded with quantity supplied to measure a market imbalance, then predict the price movement that restores equilibrium.

Syllabus
Effective Fall 2022
Course
AP Macroeconomics

Exam points

  • compare Qd and Qs on a graph or schedule to identify and calculate a shortage or surplus
  • predict a price rise after a shortage or a price fall after a surplus restores equilibrium

AP Macroeconomics Mkt 2 F a Define a Surplus and Shortage B Explain Using Graphs As Appropriate How Prices Adjust to Restore Equilibrium in Markets Questions question 1

[Maximum number: 1]

． Shirts are bought and sold in a competitive market．If there are 1,200 shirts available for sale but consumers would like to purchase 1，500 shirts at the current market price，which of the following is true？

A

（A） The current market price is higher than the equilibrium market price．

B

（B） The market is experiencing a shortage．

C

（C） The market is experiencing a surplus．

D

（D） The market is in equilibrium．

E

（E） The quantity supplied is greater than the quantity demanded．

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