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
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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 two determinants of price elasticity of supply (PES).
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Explain how the mobility of factors of production affects 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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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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Define price elasticity of supply (PES).
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Explain how the availability of stock (inventories) affects PES.
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Calculate the price elasticity of supply for this good.
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Show that supply of this good was price inelastic.
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Calculate the price elasticity of supply for this crop.
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Using the information in the text, calculate the price elasticity of supply for coffee in Valdera when the price changes from 150 to 165 dollars a sack.
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Using the information in the text, calculate the price elasticity of supply for cement in Ostmark when the price changes from 80 to 92 dollars a tonne.
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2026
Explain why the supply of land is perfectly price inelastic.
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