Elasticity of Supply - Jamb Economics Past Questions and Answers

Question 16:

• 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

Question 17:

• 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 18:

• JAMB 2011

If a firm is faced with an elastic supply curve, its revenue will

A. Be supplied at a higher price
B. Double at a higher price
C. Increase by more than the percentage increase in price
D. Equal percentage change in price

Question 19:

• JAMB 2011

From that table above, the price elasticity of supply is

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

Question 20:

• 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