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Identify the correct pair of items from the following Columns I and II: Columns I Columns II (1) Perfectly elastic supply (a) Es > 1 (2) Perfectly inelastic supply (b) Es < 1 -

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Question

Identify the correct pair of items from the following Columns I and II:

Columns I  Columns II
(1) Perfectly elastic supply (a) Es > 1
(2) Perfectly inelastic supply (b) Es < 1
(3) Unitary elastic supply (c) Es = 1
(4) Relatively elastic supply (d) Es = 0

Options

  • 1 - (a)

  • 2 - (b)

  • 3 - (c)

  • 4 - (d)

MCQ

Solution

3 - (c)

Explanation:

The percentage change in quantity supplied is equal to the percentage change in price in the case of unitary elastic supply. As a result, supply elasticity is one.

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