Tag: supply - law of supply and price elasticity of supply

${ E } _{ s }>1$

${ E } _{ s }<1$

${ E } _{ s }=1$

${ E } _{ s }=0$

zero

infinity

equal to one

greater than zero but less than infinity

${ E } _{ s }>1$

${ E } _{ s }<1$

${ E } _{ s }=\infty$

${ E } _{ s }=0$

proportionate change in quantity supplied is more than the proportionate change in price.

proportionate change in price is greater than the proportionate change in quantity supplied.

change in price and quantity supplied are equal

none of the above

${ E } _{ s }>1$

${ E } _{ s }<1$

${ E } _{ s }=\infty $

${ E } _{ s }=0$

distinguishing between Value-in-use and value-in-exchange.

comparing the advantages of different places.

useful in cost benefit analysis of projects.

all of the above

$1$

$2$

$3$

$4$

substitutes goods

complementary goods

inferior goods

neutral goods

1

2

3

4

A price elasticity of supply less than one

A price elasticity of supply equal to one

A price elasticity of supply more than one

A positive price elasticity of supply