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Factors that Affect Elasticity of Supply

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question 1 of 3

_____ is the responsiveness of producers to changes in the price of a good or service.

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1. Which of the following is a factor that affects the elasticity of supply?

2. The _____ producers available to produce an output, the easier supply can be _____ .

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About This Quiz & Worksheet

Before you move on to other subjects and lessons, take a few minutes to answer the questions on this quiz to make sure you fully understand the factors that affect elasticity of supply. These questions will test you on subjects such as the relationship between the number of producers of an output on the supply of that output and what it means when an output's production process goes through frequent technology improvements.

Quiz & Worksheet Goals

Use this quiz to see how well you know:

  • What the responsiveness of producers to change in the price of a good or service is called
  • The factors that affect the elasticity of supply
  • How the number producers of an output impact the supply of that output
  • What it means when an output's production process experiences frequent improvements in technology
  • Who would experience increased elasticity of supply in an example scenario

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson about the factors that affect the elasticity of supply
  • Knowledge application - use your knowledge to answer questions about who would experience increased elasticity of supply in an example
  • Interpreting information - verify that you can read information regarding the factors that affect the elasticity of supply and interpret it correctly

Additional Learning

In our professionally written lesson called Factors that Affect Elasticity of Supply, you'll find a helpful resource that outlines this subject in greater detail. After completing this lesson, you should be able to answer these quiz questions and do the following:

  • Outline the six factors that impact the elasticity of supply
  • Explain the connection between the time it takes to produce something and elasticity of supply
  • Detail the cost of production on elasticity
Final Exam
Chapter Exam
Holt McDougal Economics Chapter 5.4: What Is Elasticity of Supply?
Chapter too short for exam
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