University Of Phoenix Material Economics - Definit

University of Phoenix MaterialEconomics - DefinitionsComplete the following. Include your references using APA formatting.Write the definition for each of the following:Law of DemandLaw of SupplyPrice Elasticity of DemandMacroeconomicsMicroeconomicsIdentify 2 Products whose demand is price elastic.Identify 2 products whose demand is price inelastic.Which of the following graphs best demonstrates the law of demand?IIIIIIIVWhich of the following graphs best demonstrates the law of supply?IIIIIIIVReferences