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प्रश्न
If price elasticity of supply is greater than 1, then supply is said be elastic.
पर्याय
True
False
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उत्तर
This statement is True.
Explanation:
When the price elasticity of supply is greater than 1, the percentage change in quantity supplied is greater than the percentage change in price. This indicates that supply is elastic, meaning producers are highly responsive to price changes.
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संबंधित प्रश्न
Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.
Identify the degree of elasticity of supply from the following graph:
Identify the elasticity of supply for the following with proper reasoning:
Nature of the entrepreneurs.
What is the degree of elasticity of supply in the diagram?
A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.
When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.
Choose the correct term for the given definition.
The ratio between the percentage change in supply to a percentage change in price.
Which of the following statements are true?
The cost of production will increase if
- The government gives subsidies
- The firm uses obsolete technology
- The price of diesel increases
When the price increases by 50% and the supply increases only by 5% the price elasticity of supply of that commodity will be ______.
Which of the following measures of price elasticity shows inelastic supply?
When is the supply of a commodity is called elastic?
Draw a straight line supply showing elasticity greater than one.
The price of a commodity rises from ₹ 20 to ₹ 40 Consequently, its supply increases from 100 units to 400 units. Calculate price elasticity of supply.
Define price elasticity of supply.
Draw the supply curve showing price elasticity of supply equal to one.
Using graphs, explain any four types of elasticity of supply.
If the price of a commodity falls by 10% and consequently, the quantity supplied decreases by 20%, what will be its elasticity of supply?
What do you mean by elastic supply?
Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and why?
Draw relatively elastic supply.
