Seller is generally not willing to sell commodities below:
Marginal Price
Average Price
Reserve Price
Neither of the above
When supply curve is vertical, Es =
1
Zero
∞
Es > 1
Change in supply due to increase in price is termed ________ supply.
Contraction of
Extension of
Increase in
In _______ the supply is inelastic.
Short Period
Long Period
Initial Stage
Final Stage
Supply means
Quantity of goods produced
Stocks of goods produced
Quantity of goods available for sale
Total of produced and imported goods
Elasticity of supply is given by the formula
ΔP/ΔQ . Q/P
ΔQ/ΔP . P/Q
ΔQ/ΔP . Q/P
ΔQ/ΔP
The value of elasticity of supply ranges from
One to infinity
Zero to infinity
Minus infinity to plus infinity
Zero to minus infinity
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
The supply in the long period is
Elastic
