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.
1State3 marks
2026
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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2026
State what a PES value greater than 1 indicates.
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2026
State two determinants of price elasticity of supply (PES).
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Which product is most likely to have highly inelastic supply?
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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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2026
Explain how the shape of the supply curve reflects price elasticity of 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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The ability to store a product tends to make its supply more elastic because:
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Explain why the supply of manufactured goods is typically more elastic than the supply of agricultural products.
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Explain why PES is always positive.
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Explain two factors that determine the price elasticity of supply of a good.
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Using a diagram or clear explanation, compare perfectly elastic and perfectly inelastic supply.
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2026
Explain why the supply of land is perfectly price inelastic.
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Explain how the availability of stock (inventories) affects PES.
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2026
Define price elasticity of supply (PES).
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2026
Calculate the price elasticity of supply for this crop.
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