Tag: supply - law of supply and price elasticity of supply
Questions Related to supply - law of supply and price elasticity of supply
Supply is likely to be more price elastic ________,
Percent increase in the price of sugar reduces sugar consumption by about 5 percent. The increase causes households to _____________.
Which one of the following labour resources will likely have the most inelastic supply schedule in the short run?
When the greater the elasticity of supply, the change in the new equilibrium price will _____________.
The _________ refers to the amount of a certain good producers are willing to supply when receiving a certain price.
Usually, the demand for commodities, the consumption of which can be postponed, has an _________ demand as the prices rise and expected to fall again.
The supply is said to be __________, when any change in price produces no change in the quantity supplied of a commodity.
The supply is ___________, when a small change in price causes a greater change in quantity supplied.
The formula for calculating price elasticity of supply is ________________.
The supply is said to be ____________, when a very insignificant change in price leads to an infinite change in quantity supplied.