WEEK 4 SS2 ECONS QUIZ ON PES

Durable goods are ______ in supply

• elastic

• inelastic

• perfectly elastic

• unitary elastic

Agricultural products that require a long time to produce are usually ______ in supply

• inelastic

• elastic

• unitary

• perfectly elastic

Goods that require a very short period of time to produce are usually _____ in supply

• inelastic

• elastic

• unitary

• perfectly elastic

Availability of storage facilities means supply would be _____ with price

• inelastic

• elastic

• perfectly elastic

• unitary elastic

Low cost of production would lead to ____ supply

• elastic

• unitary

• inelastic

• perfectly elastic

The formula for Price elasticity of supply is

• % change in supply/% change in demand

• change in supply/change in demand

• % change in supply/% change in price

• suppy/price

A PES value of 2.6 is

• inelastic

• unitary elastic

• elastic

• infinitely elastic

When there is no change in quantity supplied with respect to changes in price, supply is said to be

• perfectly elastic

• inelastic

• perfectly inelastic

• unitary elastic

A price elasticity supply value of 1 implies that supply is

• inelastic

• elastic

• definitely elastic

• unitary elastic

All are factors affecting price elasticity of supply for a product except

• Time

• storage

• cost of production

• income of the consumer