Elasticity of Supply
Economics ⇒ Consumer and Producer Behaviour
Elasticity of Supply starts at 11 and continues till grade 12.
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See sample questions for grade 11
Define elasticity of supply.
Explain how the availability of spare production capacity affects elasticity of supply.
Explain the difference between perfectly elastic and perfectly inelastic supply.
Explain the impact of time on the elasticity of supply with an example.
Explain the relationship between elasticity of supply and the slope of the supply curve.
Explain why manufactured goods tend to have a more elastic supply than agricultural goods.
Explain why the supply of a perishable good is less elastic than that of a durable good.
A firm can easily switch between producing shirts and trousers. The supply of shirts is likely to be (1) elastic (2) inelastic (3) perfectly inelastic (4) unitary elastic.
A firm can easily switch between producing shirts and trousers. The supply of shirts is likely to be (1) elastic (2) inelastic (3) perfectly inelastic (4) unitary elastic.
A supply curve that is parallel to the quantity axis indicates (1) perfectly elastic supply (2) perfectly inelastic supply (3) unitary elastic supply (4) relatively inelastic supply.
A vertical supply curve represents (1) perfectly elastic supply (2) perfectly inelastic supply (3) relatively elastic supply (4) unitary elastic supply.
If the elasticity of supply is greater than 1, supply is said to be (1) elastic (2) inelastic (3) unitary elastic (4) perfectly inelastic.
Fill in the blank: In the short run, supply is generally ________ elastic than in the long run.
Fill in the blank: The elasticity of supply for a good with limited resources is usually ________.
Fill in the blank: The longer the time period, the ________ the elasticity of supply.
Fill in the blank: The supply of goods with a long production period is usually ________ elastic.
True or False: Elasticity of supply can be negative.
True or False: The elasticity of supply for a unique painting by a famous artist is zero.
True or False: The elasticity of supply for perishable goods is usually low.
True or False: The elasticity of supply is always positive.
