Microeconomics Summative

Front

The graph represents: Demand or Supply?

Back

Demand

Front

Elastic or Inelastic

Back

Inelastic

Front

Elastic or Inelastic

Back

Elastic

Front

Amount of a product consumers will buy at a given prices is called what?

Back

Demand

Front

Law of demand says if the price of pizza falls, the demand for pizza will what?

Back

Increase

Front

When the population of Ankeny increases, the demand will: increase or decrease?

Back

Increase

Front

A necessity is something we need to live. Which answer describes a necessity? Food, School

Back

Food

Front

What kind of graph is this?

Back

Supply

Front

This activity (Picture) was an example of what?

Back

Diminishing Marginal Return

Front

The Law of Supply states:

Back

as price increases, supply increases