Froggy Jumps Elasticity of Supply QuizVersión en línea Test your knowledge about the elasticity of supply with this quiz game! por sarah ayyad 1 What is the law of supply? a As the price of a good decreases, the quantity supplied also decreases. b As the price of a good increases, the quantity supplied decreases. c As the price of a good increases, the quantity supplied also increases. 2 What is elasticity of supply? a The responsiveness of quantity supplied to a change in price. b The responsiveness of price to a change in quantity supplied. c The responsiveness of quantity demanded to a change in price. 3 What is the formula for price elasticity of supply? a Percentage change in quantity supplied divided by percentage change in price. b Percentage change in price divided by percentage change in quantity supplied. c Percentage change in quantity supplied multiplied by percentage change in price. 4 What is the main determinant of price elasticity of supply? a Price of the good. b Income of consumers. c Time period. 5 What does a steep supply curve indicate? a Perfectly elastic supply. b Elastic supply. c Inelastic supply. 6 What does a flat supply curve indicate? a Perfectly inelastic supply. b Elastic supply. c Inelastic supply. 7 What is the slope of a perfectly inelastic supply curve? a Horizontal. b Positive. c Vertical. 8 What is the slope of a perfectly elastic supply curve? a Horizontal. b Positive. c Vertical.
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