Price Elasticity of Supply (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does price elasticity of supply (PES) measure?
What does price elasticity of supply (PES) measure?
How quantity supplied responds to price
If price rises by 10% and quantity supplied rises by 20%, what is the PES value?
If price rises by 10% and quantity supplied rises by 20%, what is the PES value?
If price rises by 10% but quantity supplied only rises by 5%, what type of supply is this?
If price rises by 10% but quantity supplied only rises by 5%, what type of supply is this?
Relatively inelastic
What does a PES value greater than 1 indicate?
What does a PES value greater than 1 indicate?
Relatively elastic supply
What shape is a perfectly elastic supply curve?
What shape is a perfectly elastic supply curve?
Horizontal
Which is an example of near-perfectly inelastic supply?
Which is an example of near-perfectly inelastic supply?
Original artworks by deceased artists
Which factor is the most important determinant of supply elasticity?
Which factor is the most important determinant of supply elasticity?
Time available to respond to price change
In the immediate period after a price change, supply is typically:
In the immediate period after a price change, supply is typically:
Virtually perfectly inelastic
How does ease of storage affect supply elasticity?
How does ease of storage affect supply elasticity?
Easier storage makes supply more elastic
When firms have excess capacity, supply tends to be:
When firms have excess capacity, supply tends to be:
Elastic