AP Microeconomics

Supply, demand, market structures, and elasticity drills.

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7practice MCQs

1FRQ prompts

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What's in Micro

Every unit is mapped to the official Course and Exam Description.

U1Basic Concepts

U2Supply & Demand

U3Production, Cost & Perfect Competition

U4Imperfect Competition

U5Factor Markets

U6Market Failure & Government

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7 matches

Q1Supply & Demandeasy

If the price of coffee increases, what happens to the demand for tea (a substitute good)?

Q2Elasticitymedium

If a 10% increase in price leads to a 20% decrease in quantity demanded, the price elasticity of demand is:

Q3Market Structuresmedium

Which characteristic is unique to a monopoly market structure (not shared by perfect competition)?

Q4Productionhard

A firm in perfect competition maximizes profit by producing where:

Sample FRQ · AI graded

FRQ prompt

Free Response Question:
(a) Draw a correctly labeled graph of a perfectly competitive firm in short-run profit-maximizing equilibrium, showing it earning an economic profit. Label Price (P), Marginal Cost (MC), Average Total Cost (ATC), Marginal Revenue (MR), and indicate the profit area.

(b) Explain what will happen to this firm and the industry in the long run due to the economic profit earned in part (a).

(c) Using your understanding of long-run equilibrium, explain why …

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