Unit 2: Microeconomics
Topic 2.6: Price Elasticity of Supply Questions
Practice 20 exam-style questions for IB Economics Topic 2.6. Review the question stems below, then unlock the full Question Bank to access markschemes, model answers, and AI grading.
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State two determinants of price elasticity of supply (PES).
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Define price elasticity of supply and explain the difference between elastic and inelastic supply.
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State two determinants of price elasticity of supply (PES).
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State what a PES value between 0 and 1 indicates.
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State what a PES value greater than 1 indicates.
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State what a PES value between 0 and 1 indicates.
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Define price elasticity of supply and explain the difference between elastic and inelastic supply.
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State what a PES value greater than 1 indicates.
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Explain how the shape of the supply curve reflects price elasticity of supply.
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Explain why supply is usually more elastic in the long run than in the short run.
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If the price of a good rises by 5% and the quantity supplied increases by 15%, the PES is:
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Explain why supply is usually more elastic in the long run than in the short run.
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Explain why firms need to consider PES when predicting the effect of price changes.
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Explain why new housing supply is often very price inelastic in the short run.
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Which product is most likely to have highly inelastic supply?
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Explain why firms need to consider PES when predicting the effect of price changes.
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The ability to store a product tends to make its supply more elastic because:
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