AP Microeconomics Practice Test: Basic Microeconomics Concepts

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Question 5 questions

Time 6 minutes

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1. A demand curve slopes downward for an individual as the result of

2. The supply curve for lawn-mowing services is likely to slope upward because of

3. If supply and demand both increase, the result is

4. When the labor demand curve is downward-sloping, an increase in the minimum wage is

5.

Suppose the supply and demand for cotton in the United States are represented by curves S and D respectively in the figure. Also assume that the world supply for cotton is so large that the United States would be a "price taker" in the world market (as represented by WS). If the United States were to open its cotton market to free trade with the world, then