Increase in supply due to causes other than change in price is termed as ________ supply.
Decrease in
Increase in
Extension of
Contraction of
Elasticity of supply is given by the formula
ΔP/ΔQ . Q/P
ΔQ/ΔP . P/Q
ΔQ/ΔP . Q/P
ΔQ/ΔP
When supply curve is vertical, Es =
1
Zero
∞
Es > 1
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 value of elasticity of supply ranges from
One to infinity
Zero to infinity
Minus infinity to plus infinity
Zero to minus infinity
Supply means
Quantity of goods produced
Stocks of goods produced
Quantity of goods available for sale
Total of produced and imported goods
Supply curve presents
Price of the commodity
Supply of the commodity
Relationship between price and supply of the commodity
Demand of the commodity
When price of substitutes and costs of production rises, it leads to :
Contraction in supply
Decrease in supply
Expansion in supply
Increase in supply
If price of substitute goods fall, then it will lead to
No change in supply
Constant