In _______ the supply is inelastic.
Short Period
Long Period
Initial Stage
Final Stage
Slope of supply curve is given by the formula
ΔQ/ΔP
ΔP/ΔQ
P/Q
Q/P
Supply of agricultural produce depends upon
Natural Causes
Taxation Policy
Technological Development
Price of other goods
Change in supply due to increase in price is termed ________ supply.
Contraction of
Extension of
Increase in
Increase in supply due to causes other than change in price is termed as ________ supply.
Decrease in
If 10% increase in the price of scooters increases supply of scooter by 20% the supply of scooters will be
Perfectly Elastic
Elastic (more than unit)
Inelastic
Perfectly Inelastic
When price of substitutes and costs of production rises, it leads to :
Contraction in supply
Decrease in supply
Expansion in supply
Increase in supply
Seller is generally not willing to sell commodities below:
Marginal Price
Average Price
Reserve Price
Neither of the above
When supply curve is horizontal Es =
Zero
3
∞
Es > 1
