Price Elasticity of Supply (Grade 11 NSC Matric 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 measure?
What does price elasticity of supply measure?
How responsive producers are to price changes
What is the formula for price elasticity of supply?
What is the formula for price elasticity of supply?
A bakery increases bread from 1000 to 1200 loaves when price rises from 2.00 to 2.40 USD. What is the elasticity?
A bakery increases bread from 1000 to 1200 loaves when price rises from 2.00 to 2.40 USD. What is the elasticity?
1.0
What does price elastic supply mean?
What does price elastic supply mean?
Suppliers can easily change production levels
What characterises price inelastic supply?
What characterises price inelastic supply?
Difficult to quickly adjust production levels
What does a steeper supply curve indicate?
What does a steeper supply curve indicate?
More inelastic supply
How does spare capacity affect supply elasticity?
How does spare capacity affect supply elasticity?
Makes supply more elastic
Why do high stock levels make supply more elastic?
Why do high stock levels make supply more elastic?
Can respond quickly without increasing production
Which factor is described as the most critical for supply elasticity?
Which factor is described as the most critical for supply elasticity?
Time period
What makes a printing company's supply more elastic than an aircraft manufacturer's?
What makes a printing company's supply more elastic than an aircraft manufacturer's?
Easier to switch machinery to different products