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

Question 16:

• JAMB 2010

If the coefficient of price elasticity of supply is greater than one, the supply is said to be

A. Perfectly elastic
B. Fairly inelastic
C. Infinitely inelastic
D. Fairly elastic

Question 17:

• JAMB 2011

From that table above, the price elasticity of supply is

A. 4
B. 25
C. 1
D. 2

Question 18:

• JAMB 2012

If quantity supplied is constant irrespective of price changes, the supply elasticity is

A. Unitary
B. Infinity
C. Fairly elastic
D. Perfectly inelastic

Question 19:

• JAMB 2013

If the supply of a product is elastic, a small reduction in price will

A. Reduce the cost of production
B. Reduce the quantity supplied
C. Increase the quantity supplied
D. Lead to no change in the quantity supplied