Price Elasticity of Supply Quiz

Price Elasticity of Supply Quiz

11th Grade

10 Qs

quiz-placeholder

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Price Elasticity of Supply Quiz

Price Elasticity of Supply Quiz

Assessment

Quiz

Other

11th Grade

Medium

Created by

Maya Kharishma

Used 14+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does PES stand for?

Price Elasticity of Stock

Price Elasticity of Sales

Price Elasticity of Supply

Price Elasticity of Service

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the price elasticity of supply measure?

Cost of production

Responsiveness of supply to a change in price

Demand for a product

Market competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the percentage change in supply is greater than the percentage change in price, then supply is:

Perfectly elastic

Price inelastic

Perfectly inelastic

Price elastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a figure for the price elasticity of supply greater than 1 indicate?

Price inelastic supply

Price elastic supply

Perfectly elastic supply

Perfectly inelastic supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor affects the elasticity of supply by making it more elastic?

Short production period in agriculture

Difficulty in transferring economic resources into the industry

Limited spare capacity in the industry

Longer time period for firms to invest in factors of production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which industry is supply usually more elastic due to the ease of increasing production?

Healthcare

Technology

Manufacturing

Agriculture

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the supply curve Ss represent?

Perfectly elastic supply

Supply in the long run

Supply in the short run

Perfectly inelastic supply

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