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Question
Price elasticity of supply is likely to be ______ in the long run.
Options
perfectly inelastic
perfectly elastic
elastic
inelastic
Solution
Price elasticity of supply is likely to be elastic in the long run.
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RELATED QUESTIONS
Identify the elasticity of supply (es) of S1, S2 and S3 supply curves:
Explain any three factors affecting elasticity of supply.
Elasticity of supply is measured by:
Assertion (A): In case of perfectly inelastic supply, supply curve is a vertical straight line supply curve.
Reason (R): Supply does not change with change in price in case of Es = 0.
Define elasticity of supply.
With the help of a formula calculate the elasticity of supply from the following table:
| Price | Quantity supplied |
| 10 | 200 |
| 15 | 225 |
Give the meaning of perfectly inelastic supply.
Define price elasticity of supply.
Indicate the degree of elasticity on the supply curve given below:
Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and why?
