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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define elasticity of supply in your own words.
💡 Hint: Think about responsiveness in general terms.
Question 2
Easy
What happens to quantity supplied in elastic supply when the price increases?
💡 Hint: Recall the relationship of supply to price.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does elasticity of supply measure?
- Responsiveness of quantity supplied
- Total quantity produced
- Consumer demand elasticity
💡 Hint: Remember it's all about quantities and reactions.
Question 2
True or False: Elastic supply means that small changes in price lead to small changes in quantity supplied.
- True
- False
💡 Hint: Think about the definition of elastic.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Evaluate the market response in the tech industry when the demand for laptops increases significantly. Discuss how this reflects on their supply elasticity.
💡 Hint: Consider how quickly companies can adjust their manufacturing processes.
Question 2
Given the fluctuating prices of crude oil, devise a strategy for a country reliant on oil imports to manage price elasticity of supply issues.
💡 Hint: Consider long-term solutions versus short-term reactions to price changes.
Challenge and get performance evaluation