8 min read
This study guide covers market equilibrium, consumer surplus, and producer surplus. It explains how supply and demand interact to determine equilibrium price and quantity. It also shows how to calculate and visually identify consumer and producer surplus on graphs. Finally, it provides practice questions and tips for the AP Microeconomics exam.
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Question 1 of 10
Market equilibrium is best described as the point where 🤔:
Producers maximize their profits
Consumers get the best deals
The quantity supplied equals the quantity demanded
There is excess supply in the market