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AP Microeconomics: Graphs!.Final Test .

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Institution Microeconomics
Module Microeconomics
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AP Microeconomics: Graphs!.Final Test 2026\2027.




Production Possibilities; U is inefficient
Production Possibilities; x is impossible
Production Possibilities; right shift indicates economic growth
market equilibrium
consumer surplus
producer surplus
increased demand = higher price and quantity
decreased demand = lower price and quantity
increased supply = lower $ and higher #
decreased supply = higher $ and lower #
price floor; causes a surplus
price ceiling; causes a shortage
perfect competition at equilibrium
perfect competition making a profit
perfect competition making a loss
perfect competition in a "shut down" position
monopoly making a profit
monopoly making a loss
monopolistic competition at equilibrium
supply and demand for labor
perfectly competitive demand for labor
monopsonistic competition for labor
a negative externality causes too many to be produced at too low a price
a positive externality causes too few to be produced at too low a price
the lorenz curve; measures income inequality

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