Using microeconomic theories and topics (e.g., law of supply, law of demand, and market price equilibrium), answer the following questions:

• List three products or services you would give up if the price increased by 10 percent. Why would you give up these products or services?
• Would you give up social media applications such as Twitter, Facebook, or Instagram if the companies responsible for them started charging for their services? Why or why not?
• Pretend you own an ice cream shop and the price of milk increases by 20 percent. How will you adjust to the increased costs to manufacture your ice cream?