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by BlastRoom
Explore how production conditions and time affect producers’ responsiveness to price changes.
#us_hs_economics
20 questions
One question set, multiple game modes. Tap any game to see it in action. Not sure which to pick?
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An oak tree takes decades to reach lumber size. Oak lumber prices rise sharply this month. Over the next few months, is the supply of oak lumber elastic or inelastic?
A bottled-water plant has unused filling lines and stored plastic bottles. When the price of bottled water rises, is its short-run supply more likely elastic or inelastic?
A downtown area has little vacant land, and new apartment buildings take years to permit and construct. Is the current supply of apartments elastic or inelastic?
A bakery can run an extra overnight shift using its existing ovens after bread prices rise. Is the bakery's supply likely elastic or inelastic?
A concert hall has 2,000 seats, and all performances this weekend are scheduled. If ticket prices rise today, is the supply of seats for this weekend elastic or inelastic?
A furniture maker has spare workers, lumber, and machine time. After table prices rise, the firm can begin making more tables next week. How should its supply be classified?
Training a licensed electrician takes years. If the price of electrical contracting rises this month, is the immediate supply of licensed electricians elastic or inelastic?
A berry harvest is already underway, and growers cannot plant and harvest new berries before next week. After a price increase, is berry supply next week elastic or inelastic?
After several years of higher prices, berry growers can lease land, plant more fields, and expand irrigation. Compared with next week, berry supply after several years is more likely:
A factory needs two years to build a new production line. Right after the price of its product rises, what is the most likely classification of supply?
A restaurant faces higher meal prices and can hire part-time staff, order more ingredients, and add dinner hours over the next month. Its supply over that month is likely:
Oil producers need years to explore, drill, and connect new wells. Relative to supply one day after a price rise, supply several years later is generally:
The price of a product rises 10%, and quantity supplied rises 30% during the same period. Is supply elastic, inelastic, or unit elastic?
When price rises 25%, a firm's quantity supplied rises 10%. How should the firm's supply be classified?
The price of handmade mugs increases 20%, and quantity supplied also increases 20%. What is the elasticity classification?
A price increase of 15% leads to only a 5% increase in quantity supplied. Which description is correct?
What does elasticity of supply measure?
Which condition tends to make a producer's supply more elastic?
What term describes how long producers have to adjust production after a price change?
If the elasticity of supply is greater than 1, what does that indicate?
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Monopoly
25 questions
