What does PES stand for?
Price Elasticity of Supply Quiz

Quiz
•
Other
•
11th Grade
•
Medium
Maya Kharishma
Used 14+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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