Microeconomics

The graph represents: Demand or Supply?

• Demand
• Supply

Elastic or Inelastic

• Elastic
• Inelastic

Elastic or Inelastic

• Elastic
• Inelastic

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

• Food
• School

What kind of graph is this?

• Supply
• Demand

What is quantity of a good or service that producers sell at a market price?

• supply
• demand

What is Equilibrium?

• Price that buyers & sellers will accept
• Price that equals Goods

Which of these is a want?

• Designer clothes

• Clothes

• Water

• Food

What is elasticity?

• Results of making things whose values and limitations do not change the price of goods and services they produce

• Price at which buyers and sellers agree to trade in a free market

• Measure of the responsiveness of demand and supply of a good or service to an increase or decrease in its price.

• things needed to create goods or services

True or False: Economics and Microeconomics are the same thing

• False

• True