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.
1State4 marks
2026
State two determinants of price elasticity of supply (PES).
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2026
State what a PES value greater than 1 indicates.
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Define price elasticity of supply and explain the difference between elastic and inelastic supply.
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2026
State what a PES value between 0 and 1 indicates.
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2026
State what a PES value between 0 and 1 indicates.
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2026
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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2026
State what a PES value greater than 1 indicates.
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2026
Explain why spare production capacity tends to make supply more price elastic.
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Which product is most likely to have highly inelastic supply?
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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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Which product is most likely to have highly inelastic supply?
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The ability to store a product tends to make its supply more elastic because:
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The ability to store a product tends to make its supply more elastic because:
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Supply tends to be more elastic in the long run than the short run because:
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Which of the following factors is most likely to increase the price elasticity of supply?
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Unlock Question20Explain4 marks
2026
Explain how the shape of the supply curve reflects price elasticity of supply.
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