ECON 10: Assignment

The graph represents: Demand or Supply?

• Demand
• Supply

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

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

Too many "cooks in the kitchen" is an example of?

• Law of Supply
• Diminishing Marginal Return (Adding more workers will increase or decrease production)

Is this graph: Supply or Demand?

• Demand
• Supply

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

• supply
• demand