Micro 2.4-Price Elasticity of Supply Open Practice

1.50

0.35

1.33

0.75

0.50

The price elasticity of supply measures how responsive producers are to changes in the price of other goods.

The price elasticity of supply measures how responsive producers are to changes in income.

The price elasticity of supply measures how responsive producers are to changes in the price of a product.

The price elasticity of supply is a measure of the slope of the supply curve.

The price elasticity of supply measures how responsive producers are to changes in the cost of producing a product.

the cost of producing DVD players is small.

the storage of DVD players is not possible.

DVD players can be easily stored.

the demand for DVD players is fairly large.

DVD players require relatively advanced technology for their production.

1.2

0.5

1.0

2.1

Infinity

the percentage change in the quantity supplied is less than the percentage change in price.

the supply is elastic.

an increase in the price boosts the quantity supplied by a larger percentage.

the supply is inelastic so the demand must also be inelastic.

None of the above answers is correct.

the quantity of cucumbers supplied will increase as the price increases.

at any quantity of cucumbers supplied, the price remains the same.

the quantity of cucumbers supplied will increase as the price decreases.

the quantity of cucumbers supplied is directly related to the price.

the quantity of cucumbers supplied remains the same at any price.

perfectly elastic supply.

perfectly inelastic supply.

elastic supply.

inelastic supply.

unit elastic supply.

supply curve is upward sloping.

price elasticity of supply is positive.

percentage change in the quantity supplied equals the percentage change in price.

supply curve is horizontal.

supply curve is vertical.