AP Microeconomics Diagram Review

Identify changes to demand/supply and price/quantity from point 1 to 5

• S: increase, P: decrease, Q: increase

• S: decrease, P: increase, Q: decrease

• S: no change, P: no change, Q: no change

• S: increase, P: increase, Q: decrease

Identify the wage workers are paid

• 2

• 4

• 6

• 8

Identify changes to demand/supply and price/quantity from point 1 to 3

• D: increase, P: increase, Q: increase

• D: decrease, P: decrease, Q: decrease

• D: increase, P: decrease, Q: increase

• D: decrease, P: increase, Q: decrease

Identify inefficient use of resources

• 1

• 2

• 3

• 4

Identify point 1

• Consumer surplus

• Producer surplus

• Total surplus

• Deadweight loss

Identify with tariff: Domestic consumption

• Q1

• Q2

• Q3

• Q4

Identify deadweight loss

• 0

• 1

• 2

• 3

Identify with trade: Producer surplus

• A. Consumer surplus

• B. Total surplus

• C. Economic profit

• D. Producer surplus

Identify with trade: Domestic consumption

• International trade

• Local market dynamics

• Domestic consumption

• Global supply chains

Identify producer surplus

• 2

• 3

• 4

• 5