What does the Price Elasticity of Supply (PES) measure?

The change in quantity supplied with respect to a change in price.

The change in price with respect to a change in quantity supplied.

The change in demand with respect to a change in price.

The change in price with respect to a change in demand.

Which of the following factors tends to make the Price Elasticity of Supply (PES) more elastic?

High mobility of factors of production.

No spare capacity in production.

Why does spare capacity affect Price Elasticity of Supply (PES)?

It indicates higher production costs.

It limits the ability to store goods.

It enables quick increases in production.

It leads to scarcity of raw materials.

How does the time period influence Price Elasticity of Supply (PES)?

Short-term constraints reduce PES.

Long-term adjustments reduce PES.

Both short-term and long-term constraints affect PES.

Time period has no impact on PES.

What role does government intervention play in markets with low Price Elasticity of Supply (PES)?

It aims to lower production costs.

It monitors supply fluctuations.

It promotes surplus production capacity.

How do producers enhance their Price Elasticity of Supply (PES)?

By reducing surplus production capacity.

By maintaining smaller inventories.

By adopting advanced technologies.

By limiting factors of production.

Why is the availability of raw materials crucial in determining Price Elasticity of Supply (PES)?

Abundant raw materials decrease PES.

Scarcity of raw materials increases PES.

Raw materials have no impact on PES.

Raw materials influence production costs.

How does high Price Elasticity of Supply (PES) benefit producers?

It allows quick adaptation to price changes.

It decreases revenue and profits.

Price Elasticity of Supply (PES) Free MCQ Practice Test with Solutions

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

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