Quiz: Price Elasticity of Supply - Calculation and Interpretation
AQA A level economics 7136 specification
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Welcome! You've already learned about demand and supply curves, elasticities, and factors affecting them. Now, let's test your understanding of price elasticity of supply!
What does price elasticity of supply measure?
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Which factors can make supply more elastic? (Select all that apply)
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The formula for price elasticity of supply is {{blank0}} divided by {{blank1}}.
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Match the items on the left with their correct pairs on the right
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If the price increases by 20% and the quantity supplied increases by 40%, what is the price elasticity of supply?
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Which of the following values indicates perfectly inelastic supply?
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Match the items on the left with their correct pairs on the right
Which of the following are true about perfectly elastic supply? (Select all that apply)
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Supply is likely to be {{blank0}} in the short run and {{blank1}} in the long run.
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If a good has a price elasticity of supply of 1, what does this mean?
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