Elasticity of Supply
Economics ⇒ Consumer and Producer Behaviour
Elasticity of Supply starts at 11 and continues till grade 12.
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A commodity has a perfectly inelastic supply. What will be the elasticity of supply?
A sudden increase in demand for a product leads to a sharp rise in its price. If producers are unable to increase supply immediately, what can you say about the elasticity of supply in the short run?
A supply curve that is parallel to the quantity axis indicates which type of elasticity?
Define elasticity of supply.
Explain how the time period affects the elasticity of supply.
Explain the concept of unitary elasticity of supply with an example.
Explain the difference between perfectly elastic supply and perfectly inelastic supply.
A sudden increase in demand for a product leads to a sharp rise in its price. If producers are unable to increase supply immediately, what can you say about the elasticity of supply in the short run?
If the elasticity of supply is greater than 1, supply is said to be (1) perfectly elastic (2) elastic (3) inelastic (4) unitary elastic.
If the price elasticity of supply is exactly 1, the supply is said to be (1) perfectly elastic (2) perfectly inelastic (3) unitary elastic (4) relatively inelastic.
If the supply curve is upward sloping from left to right, the elasticity of supply is (1) positive (2) negative (3) zero (4) infinite.
If the supply of a good cannot be increased at all, no matter how high the price rises, the supply is (1) perfectly elastic (2) perfectly inelastic (3) unitary elastic (4) relatively elastic.
Fill in the blank: If the elasticity of supply is less than one, supply is said to be ________.
Fill in the blank: The elasticity of supply for a commodity is measured with respect to changes in its ________.
Fill in the blank: The main determinant of elasticity of supply in the short run is the ________ of production.
Fill in the blank: The supply curve for a perfectly elastic supply is ________ to the price axis.
State whether the following is true or false: The elasticity of supply can be measured at a point or over an arc.
State whether the following is true or false: The supply of land is perfectly elastic.
State whether the following statement is true or false: In the long run, supply is generally more elastic than in the short run.
True or False: If the supply curve is a straight line passing through the origin, the elasticity of supply is equal to one at all points.
