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

 Write True or False with a reason.
If a straight line upward sloping supply curve shoots from the X-axis, elasticity of supply $>1$.

Write True or False with a reason.
In the long period, elasticity of supply tends to be lower than in the short period.

 Write True or False with a reason.
If elasticity of supply $=0$, supply curve becomes a horizontal straight line.

 Write True or False with a reason.
If a straight line upward sloping supply curve shoots from the Y-axis, elasticity of supply $< 1$.

Write True or False with a reason.
${E} _{s}=1$ only if supply curve forms a $\angle {45}^{o}$ at the origin. Is it true?

Write True or False with a reason.
If a straight line upward sloping supply curve shoots from the origin, elasticity of supply is always equal to one.

In a situation of perfectly elastic supply, price of the commodity tends to remain constant, no matter demand increases or decreases.

The responsiveness of the sellers to a particular change in the price of the commodity is termed as ___________. 

The concept of elasticity of supply is a parallel concept to the concept of __________.

The elasticity of supply is _________ when the change in the amount of supply is in exact proportion to the change in price.