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2.3: Equilibrium, Surpluses, and Government Intervention
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AP Microeconomics notes from Unit 2, Section 3: These notes cover equilibrium, surpluses, and government intervention in the economy.
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Some examples from this set of practice questions
1.
What is a consumer surplus?
Answer: The difference between what you are willing to pay and what you actually pay
2.
What is a producer surplus?
Answer: The difference between the price the seller received and how much they were willing to sell it for
3.
What are the two major types of price controls?
Answer: Price ceilings and price floors
4.
What is a price ceiling?
Answer: The maximum legal price a seller can charge for a product
5.
Describe the goal of a price ceiling.
Answer: To make the good affordable by keeping the price from reaching equilibrium
6.
What is a price floor?
Answer: The minimum legal price a seller can charge for a product
7.
Describe the goal of a price floor.
Answer: To keep the price high by keeping the price from falling to equilibrium
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