Multiple Choice Questions on Identify the correct pair of items from the following Columns I and II Column I 1 Perfectly ela........... for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

Identify the correct pair of items from the following Columns I and II Column I 1 Perfectly ela...........

Introductory Microeconomics Theory of firm under perfect Competition
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    Identify the correct pair of items from the following Columns I and II:

    Column I:

    1. Perfectly elastic supply 2. Perfectly inelastic supply 3. Unitary elastic supply 4. Relatively elastic supply

    Column II:

    (a) Es > 1 (b) Es < 1 (c) Es = 1 (d) Es = 0

     

    1 - (a)

     

    Incorrect Answer

    2- (b)


     

    Incorrect Answer

    3-(c)

    Correct Answer

    4- (d)

    Incorrect Answer
    Explanation:

    Option (3) is correct.
    Explanation: In case of unitary elastic supply, percentage change in quantity supplied is equal to percentage change in price. Hence, elasticity of supply is equal to one.

     

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