3. Topic 3(COLON) Elasticities and Their Applications
Lesson 3.4: Price Elasticity Of Supply — Quiz
Test your understanding of lesson 3.4: price elasticity of supply with 5 practice questions.
Practice Questions
Question 1
What is the formula for calculating price elasticity of supply (PES)?
Question 2
If the price elasticity of supply is greater than 1, how is the supply classified?
Question 3
Which of the following factors affects the price elasticity of supply?
Question 4
In which time frame is supply generally considered to be more elastic?
Question 5
What is the interpretation of perfectly inelastic supply?