Elasticity of supply

As price increases so will the supply of a good or service, this is according to the

• Law of Demand
• Law of Supply
• Law of Diminishing Returns
• Law of Gravity

Toyotas inability to respond to and meet the rising demand for the Prius suggested that the supply was

• elastic
• inelastic
• unit elastic
• unit inelastic

What measures how responsive consumers are to price changes?

• elasticity of demand
• elasticity of supply
• elasticity of profit
• inelasticity of demand

A measure of how responsive producers are to price changes is

• elasticity of demand
• elasticity of supply
• elasticity of profit
• inelasticity of demand

If a change in price leads to a relativity larger change in quantity supplied supply is said to be

• inelastic
• inelasticity of demand
• elastic
• elasticity of supply

If a change in price leads to a relativity smaller change in quantity supplied supply is considered to be

• inelastic
• inelasticity of demand
• elastic
• elasticity of supply

If the price and quantity supplied change by exactly the same percentage it is

• inelastic
• elastic
• unit elastic
• unit inelastic

The supply of expensive and complicated items is often

• inelastic
• elastic
• unit elastic
• unit inelastic

Demand for gasoline is usually considered to be

• inelastic
• elastic
• unit elastic
• unit inelastic

The supply of gasoline is usually

• inelastic
• elastic
• unit elastic
• unit inelastic