mash up

what is the formula for elasticity of supply

• %change in quantity supplied by % change in ddemand

• % change in quantity supplied divided by % change in income

• %change in quantity supplied divided by % change in price

• % change in price divided by % change in quantity supplied

what type of supply is less sensitive/ responsive to a change in price

• inelastic

• elastic

• unit

• fraction

if there was a delay in supply like a vegetable being out of season what type would it be

• elastic

• inelastic

• unit

• fraction

who wrote about a pin factory with regards to specialisation

• Adam gough

• Adam seems

• Adam giles

• Adam Smith

an airline might have to sacrifice having shorter queues in order to increase security is a ?

• trade off

• opportunity cost

• decision

• security issue

if everyone can enter a market freely with no exit or entry problems what type of market is it

• competitive

• monopoly

• non competitive

• anti competitive

what comes in between a perfectly competitive market and monopoly?

• normal

• unplanned

• monopolistic

• planned

What type of market does north korea have

• disorganised

• mixed

• private

• centrally planned

what is the law of demand

• when price falls quantity demanded falls

• when price rises quantity demanded falls

• when income rises demand rises

• when price rises so does supply

which of the following is a determinant of demand

• spirals

• movement

• shifts

• taste