Price Elasticity of Supply Quiz

What does PS measure?

• Price Demand

• Price Supply

• Quantity Supply

• Quantity Demand

If the price of a good increases and the quantity supplied also increases, what does it indicate about the price elasticity of supply?

• Price elastic supply

• Price inelastic supply

• Perfectly price elastic supply

• Perfectly price inelastic supply

What does a longer production lag indicate about the price elasticity of supply?

• Perfectly price inelastic supply

• Perfectly price elastic supply

• Price inelastic supply

• Price elastic supply

What does a larger level of stocks indicate about the price elasticity of supply?

• Perfectly price elastic supply

• Perfectly price inelastic supply

• Price inelastic supply

• Price elastic supply

What does more spare capacity in a business indicate about the price elasticity of supply?

• Perfectly price elastic supply

• Perfectly price inelastic supply

• Price inelastic supply

• Price elastic supply

What does the substitute ability of factors of production indicate about the price elasticity of supply?

• Perfectly price elastic supply

• Perfectly price inelastic supply

• Price inelastic supply

• Price elastic supply

In which time period is supply considered to be price inelastic?

• Short-run

• Long-run

• Medium-run

• Immediate-run

What is the language of the quiz and the text?

• French

• Spanish

• German

• English