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Supply Elasticity

Supply Elasticity

Assessment

Presentation

Social Studies

11th - 12th Grade

Hard

Created by

Joseph Anderson

FREE Resource

7 Slides • 5 Questions

1

Supply Elasticity / Production Decisions

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2

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3

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4

Multiple Choice

The law of diminishing returns basically states that ..

1

...more workers is always better

2

...you can hire an unlimited amount of people

3

...there must be a cut off to the amount of workers for a job

5

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6

Multiple Choice

As a business owner, the amount of workers that you want for a job is determined by...

1

marginal product

2

total product

3

labor input

4

none of the above

7

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8

Multiple Choice

If the total product went from 10 at 1 worker, to 40 at 2 workers, what is the marginal product at 2 workers?

1

20

2

30

3

40

4

50

9

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10

Multiple Select

Which of the following would have "elastic" supply?

1

plastic cups

2

land

3

shirt buttons

4

oil

11

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12

Multiple Choice

When the supply for a good is "perfectly inelastic," high demand could lead to...

1

lower prices

2

higher prices

3

no effect on prices

Supply Elasticity / Production Decisions

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