Determinants of Elasticity of Supply - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 2003

Price elasticity of supply is a ratio of the change in

A. Original quantity to a change in new quantity
B. Quantity supplied to the change in price
C. Price to the change in quantity supplied
D. Quantity supplied to the change in demand

Question 12:

• JAMB 2005

The short-run inelasticity of supply of agricultural produce causes

A. Stability in prices
B. A steady rise in prices
C. A steady decline in prices
D. Instability in prices

Question 13:

• JAMB 2007

A firm operating at full capacity will have a

A. Perfectly inelastic supply curve
B. Perfectly elastic supply curve
C. Fairly elastic supply curve
D. Fairly inelastic supply curve

Question 14:

• JAMB 2007

The coefficient of the price elasticity of supply is always

A. Positive
B. Negative
C. Constant
D. Zero

Question 15:

• JAMB 2009

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A. 0.80
B. 1.25
C. 2.00
D. 10.00