Economics Class 10: Elasticity of Supply
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Questions and Answers

What is the percent change in the supply of a good relative to?

  • the percent change in consumer behavior
  • the percent change in production costs
  • the percent change in the demand curve
  • the percent change in market price (correct)

    • What is elasticity of supply a measure of?

  • the movement along the demand curve
  • the responsiveness of quantity supplied to changes in price (correct)
  • the shift in the demand curve
  • the slope of the supply curve

    • What is being measured in the elasticity of supply?

  • the responsiveness of quantity demanded to price changes
  • the responsiveness of quantity supplied to price changes (correct)
  • the movement along the supply curve
  • the shift in the supply curve

    • What is price elasticity of supply an example of?

    <p>a measure of firm behavior</p> Signup and view all the answers

    What is the formula to calculate the percent change in the supply of a good?

    <p>(ΔQ / Q) / (ΔP / P)</p> Signup and view all the answers

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