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Question
Price elasticity of supply is likely to be ______ in the long run.
Options
perfectly inelastic
perfectly elastic
elastic
inelastic
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Solution
Price elasticity of supply is likely to be elastic in the long run.
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RELATED QUESTIONS
A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.
If the price elsaticity of supply is 1 and the percentage change in price is 10, then the percentage change in quatity supplied should be ______.
Pick the option which does not belong to the group.
Identify the correct sequence of alternatives given in Column II by matching them with respective terms in Column:
| Column I | Column II |
| A. Perfectly Inelastic | (i) Es > 1 |
| B. Perfectly Elastic | (ii) Es < 1 |
| C. Inelastic | (iii) Es = 0 |
| D. Highly Elastic | (iv) Es = infinity |
Choose the correct alternative:
The quantity of a commodity supplied increases by 25% when its price rises by 10%. Calculate price elasticity of supply.
Cotton and cotton seeds are examples of ______ supply.
Give the meaning of perfectly elastic supply.
Define price elasticity of supply.
Draw relatively elastic supply.
With the help of a suitable diagram, explain the following degree of elasticity of supply.
Es > 1
