Elasticity of supply measures how responsive
Ch. 5 Lesson 4: What is Elasticity of Supply ?

Quiz
•
Social Studies
•
9th Grade
•
Hard
Denny Whitlow
Used 1+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
consumers are to price change
government is to price change
producers are to price change
workers are to price change
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the most common reason for supply to be inelastic?
the difficulty of changing the amount produced
the lack of competition among producers
the amount of government regulation
the lack of demand among consumers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is most likely to have elasticity of supply for their product?
apple grower
car manufacturer
electronics manufacturer
wedding-cake baker
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do both elasticity of demand and elasticity of supply measure?
responsiveness to price
responsiveness to quantity
desires of consumers
desires of producers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers can benefit from an inelastic supply in which of the following ways?
Prices remain stable or essential goods are always available despite changes in demand.
Prices fluctuate rapidly with changes in demand.
Goods become scarce during high demand periods.
Consumers have more substitutes to choose from.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers can be hurt from an inelastic supply when:
prices rise sharply due to increased demand and supply cannot increase to meet it
prices fall due to excess supply
demand decreases and supply increases
supply becomes perfectly elastic
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