G8 - Monthly Test Preparation

"The percentage change in quantity supplied divided by the percentage change in price"

• Price elasticity of supply

• Price elasticity of product

• Scarcity

• Price elasticity of demand

"The percentage change in quantity demanded divided by the percentage change in price"

• Demand Curve

• Price elasticity of demand

• Price elasticity of supply

• Elasticity

Price elasticity of supply for goods is the ratio between

• change in percentage of supply quantity with changes in the percentage of goods price

• change in price and changes in percentage in supply quantity

• change in price and changes in supply quantity

• change in quantity supply and changes in price

If the price doubles and the quantity supplied also doubles, the price elasticity of supply for the good is

• -1

• -2

• 1

• 2

If the price elasticity of supply for a good is 10, then supply is

• elastic

• inelastic

• perfectly inelastic

• perfectly elastic

If the quantity supplied and the price change by the same percentage, then supply is

• elastic

• inelastic

• unit elastic

• perfectly inelastic

Perfectly inelastic supply

• 
• 

Perfectly Elastic Supply

• 
• 

Which of the following graphs shows the demand and supply curves for Table 3?

• 
• 

"The amount of some product that producers are willing and able to sell at a given price, all other factors being held constant"

• Market Size

• Demand

• Elasticity

• Supply