Understanding Price Elasticity of Supply and Characteristics of Supply Curves

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Business
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11th Grade - University
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does price elasticity of supply measure?
The total quantity supplied in the market
The change in demand when price changes
The cost of production for suppliers
The responsiveness of supply to changes in price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is a good defined as elastic?
When a change in price causes the same proportionate change in quantity supplied
When a change in price causes a more than proportionate change in quantity supplied
When a change in price causes a less than proportionate change in quantity supplied
When a change in price causes no change in quantity supplied
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the price elasticity of supply when supply changes by the same proportion as the price?
Greater than one
Equal to zero
Equal to one
Less than one
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of supply curve is represented by a shallow gradient?
Perfectly inelastic supply curve
Inelastic supply curve
Elastic supply curve
Unit elastic supply curve
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to quantity supplied in a perfectly inelastic supply curve when price changes?
It increases
It decreases
It remains the same
It fluctuates randomly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly elastic supply curve, what happens if the price falls below a certain level?
Supply remains constant
No quantity is supplied
Supply decreases
Supply increases
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can the price elasticity of supply be approximated on a non-linear supply curve?
By measuring the curve's length
By comparing it to a linear supply curve
By using tangents at different points
By calculating the area under the curve
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