Question : If the price changes by 1% while the supply changes by 2%, the supply is:-

Option 1: Elastic
Option 2: Static
Option 3: Indeterminate
Option 4: Inelastic

Question

Question : If the price changes by 1% while the supply changes by 2%, the supply is:-

Option 1: Elastic

Option 2: Static

Option 3: Indeterminate

Option 4: Inelastic

Team Careers360 · Accepted Answer

Correct Answer: Elastic

Solution : A price elasticity supply greater than one indicates that supply is relatively elastic, meaning that the quantity supplied changes by a greater percentage than the price change.
Hence option a is the correct answer.

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Question : If the price changes by 1% while the supply changes by 2%, the supply is:- Option 1: ElasticOption 2: StaticOption 3: IndeterminateOption 4: Inelastic

Related Questions

Question : If the price elasticity of demand for a good is greater than 1, the demand is:Option 1: Elastic.Option 2: Inelastic.Option 3: Unit elastic.Option 4: Perfectly inelastic.

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Question : If the price changes by 1% while the supply changes by 2%, the supply is:-

Option 1: Elastic
Option 2: Static
Option 3: Indeterminate
Option 4: Inelastic

Question : If the price elasticity of demand for a good is greater than 1, the demand is:
Option 1: Elastic.
Option 2: Inelastic.
Option 3: Unit elastic.
Option 4: Perfectly inelastic.

Question : Whats is elasticty of luxury goods demand?
Option 1: Inelastic
Option 2: Elastic

Option 3: Highly elastic
Option 4: Perfectly Inelastic

Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is?
Option 1: Elastic
Option 2: Inelastic
Option 3: Perfectly inelastic
Option 4: Unit elastic

Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is ____?
Option 1: Perfectly inelastic
Option 2: Inelastic
Option 3: Unit elastic
Option 4: Elastic

Question : If the price elasticity of demand for a good is less than 1, the demand is:
Option 1: Elastic.
Option 2: Inelastic.
Option 3: Unit elastic.
Option 4: Perfectly elastic.