Business, Social Studies

9th -

11thgrade

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2.8 Price Elasticity of Supply

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  • 1. Multiple Choice
    30 seconds
    1 pt

    Price elasticity of supply is the responsiveness of

    demand to a change in price.

    price to a change in supply.

    quantity supplied to a change in price.

    price to a change in supply.

  • 2. Multiple Choice
    1 minute
    1 pt

    Factory owner Susan has calculated that her PES is 3. This number means that,

    if price were to rise by 2% Susan would supply 6% more products.

    If price were to rise by 2% Susan would supply 3% more products.

    the percentage change in price is three times the percentage change in quantity.

    in the PES formula, the top number is smaller than the bottom number.

  • 3. Multiple Choice
    1 minute
    1 pt

    The PES for wheat in a given country

    is less elastic the longer the time period in question.

    is more elastic the more substitutes there are for wheat.

    is greater the more wheat there is in storage.

    will be higher if there are restrictions on wheat imports.

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