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Identify the elasticity of supply (es) of S1, S2 and S3 supply curves: - Economic Applications

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Question

Identify the elasticity of supply (es) of S1, S2 and S3 supply curves:

Options

  • All have es > 1

  • All have es < 1

  • All have es = 1

  • All have es = 0

MCQ
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Solution

All have es > 1

Explanation:

In graphical presentation, when supply curves begin on the Y axis, the elasticity of supply is greater than 1. A curve beginning on the y axis indicates that even at a price close to zero, suppliers are prepared to deliver a certain number of goods. As the price rises, the quantity supplied grows at a faster rate, indicating high elasticity.

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