Question 1
What does price elasticity of supply measure?
Question 2
Which formula is used to calculate price elasticity of supply?
Question 3
If a firm's price elasticity of supply is $0.4$, what does this indicate?
Question 4
Which factor usually makes supply more elastic in the long run than in the short run?
Question 5
Which situation is most likely to lead to a relatively inelastic supply?
