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Elasticity of supply

Authored by Robert Wynn

Social Studies

9th - 12th Grade

Used 19+ times

Elasticity of supply
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15 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 8 pts

As price increases so will the supply of a good or service, this is according to the

Law of Demand
Law of Supply
Law of Diminishing Returns
Law of Gravity

2.

MULTIPLE CHOICE QUESTION

3 mins • 8 pts

Toyotas inability to respond to and meet the rising demand for the Prius suggested that the supply was

elastic
inelastic
unit elastic
unit inelastic

3.

MULTIPLE CHOICE QUESTION

3 mins • 8 pts

What measures how responsive consumers are to price changes?

elasticity of demand
elasticity of supply
elasticity of profit
inelasticity of demand

4.

MULTIPLE CHOICE QUESTION

3 mins • 8 pts

A measure of how responsive producers are to price changes is

elasticity of demand
elasticity of supply
elasticity of profit
inelasticity of demand

5.

MULTIPLE CHOICE QUESTION

3 mins • 6 pts

If a change in price leads to a relativity larger change in quantity supplied supply is said to be

inelastic
inelasticity of demand
elastic
elasticity of supply

6.

MULTIPLE CHOICE QUESTION

3 mins • 8 pts

If a change in price leads to a relativity smaller change in quantity supplied supply is considered to be

inelastic
inelasticity of demand
elastic
elasticity of supply

7.

MULTIPLE CHOICE QUESTION

3 mins • 6 pts

If the price and quantity supplied change by exactly the same percentage it is

inelastic
elastic
unit elastic
unit inelastic

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