Microeconomics Summative

The graph represents: Demand or Supply?

• Demand
• Supply

Elastic or Inelastic

• Elastic
• Inelastic

Elastic or Inelastic

• Elastic
• Inelastic

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

• Substitute
• Demand

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

• Increase
• Decrease

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

• Increase
• Decrease

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

• Food
• School

What kind of graph is this?

• Supply
• Demand

This activity (Picture) was an example of what?

• Diminishing Marginal Return
• Elastic Supply

The Law of Supply states:

• as price increases, supply increases
• as prices decrease, demand increases