AP Microeconomics Flashcards: Price Elasticity Of Supply

What this deck covers

This deck focuses on Price Elasticity Of Supply, giving you a quick way to review the definitions, rules, and examples that matter most for AP Microeconomics.

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Work through these flashcards in short sessions. Try to answer each prompt before flipping the card, then revisit any cards you miss until the explanation feels automatic.

Flashcard 1: Choose the supply elasticity: long run.

Answer: Elastic. Sufficient time enables full production capacity adjustments.

Flashcard 2: Choose the supply elasticity: immediate market period.

Answer: Perfectly inelastic. No time to adjust production in immediate period.

Flashcard 3: Calculate $E_s$ if $\%\Delta Q_s = 0\%$ and $\%\Delta P = 5\%$.

Answer: $E_s = 0$. Zero quantity change means perfectly inelastic supply.

Flashcard 4: State the term for $E_s = 1$ in price elasticity of supply.

Answer: Unit elastic supply. Percentage changes in quantity and price are equal.

Flashcard 5: Identify the factor that affects price elasticity of supply: time period.

Answer: Time period. More time allows greater adjustment flexibility.

Flashcard 6: How does increased storage ability affect supply elasticity?

Answer: Increases elasticity. Storage allows producers to better respond to price changes.

Flashcard 7: Choose the elasticity when a large price increase results in a small supply increase.

Answer: Inelastic. Small quantity response to large price change indicates inelastic supply.

Flashcard 8: What is the price elasticity of supply if the percentage change in quantity supplied equals the percentage change in price?

Answer: Unit elastic. Equal percentage changes result in $E_s = 1$.

Flashcard 9: Choose the supply elasticity: long run.

Answer: Elastic. Sufficient time enables full production capacity adjustments.

Flashcard 10: Identify the effect on supply elasticity if production requires specialized inputs.

Answer: Less elastic. Specialized inputs are harder to obtain quickly.

Flashcard 11: What is the elasticity of supply for a good with limited resources?

Answer: Inelastic. Limited resources constrain production expansion ability.

Flashcard 12: Choose the elasticity when a large price increase results in a small supply increase.

Answer: Inelastic. Small quantity response to large price change indicates inelastic supply.

Flashcard 13: Find the price elasticity of supply if $\%\Delta Q_s = 5\%$ and $\%\Delta P = 10\%$.

Answer: $E_s = 0.5$. Using formula: $E_s = \frac{5\%}{10\%} = 0.5$.

Flashcard 14: What is the effect on supply elasticity if production is highly flexible?

Answer: More elastic. Flexible production allows easier quantity adjustments to price changes.

Flashcard 15: State the term for $E_s < 1$ in price elasticity of supply.

Answer: Inelastic supply. Supply is less responsive to price changes when $E_s < 1$.

Flashcard 16: What does a perfectly elastic supply curve look like?

Answer: Horizontal line. Any price change causes infinite quantity response ($E_s = ∞$).

Flashcard 17: Identify the factor that affects price elasticity of supply: availability of inputs.

Answer: Availability of inputs. Scarce inputs limit ability to increase production.

Flashcard 18: Choose the supply elasticity: short run.

Answer: Inelastic. Limited time allows only minimal production adjustments.

Flashcard 19: State the term for $E_s > 1$ in price elasticity of supply.

Answer: Elastic supply. Supply is responsive to price changes when $E_s > 1$.

Flashcard 20: State the relationship between time and elasticity of supply.

Answer: More time, more elastic. Longer time periods allow greater production adjustments.

Flashcard 21: What happens to supply elasticity in the short run with fixed production capacity?

Answer: Less elastic. Fixed capacity limits ability to adjust quantity supplied.

Flashcard 22: Choose the elasticity when a small price increase results in a large supply increase.

Answer: Elastic. Large quantity response to small price change indicates elastic supply.

Flashcard 23: State the term for $E_s < 1$ in price elasticity of supply.

Answer: Inelastic supply. Supply is less responsive to price changes when $E_s < 1$.

Flashcard 24: What is the formula for calculating price elasticity of supply?

Answer: $E_s = \frac{\%\Delta Q_s}{\%\Delta P}$. Measures percentage change in quantity supplied per percentage change in price.

Flashcard 25: Identify the elasticity of supply when firms can fully adjust all inputs.

Answer: Elastic. Full input adjustment enables maximum responsiveness to price.

Flashcard 26: Calculate $E_s$ if $\%\Delta Q_s = 5\%$ and $\%\Delta P = 5\%$.

Answer: $E_s = 1$. Equal percentage changes yield unit elastic supply.

Flashcard 27: What is the price elasticity of supply if the percentage change in quantity supplied equals the percentage change in price?

Answer: Unit elastic. Equal percentage changes result in $E_s = 1$.

Flashcard 28: Choose the supply elasticity: immediate market period.

Answer: Perfectly inelastic. No time to adjust production in immediate period.

Flashcard 29: Calculate $E_s$ if $\%\Delta Q_s = 15\%$ and $\%\Delta P = 20\%$.

Answer: $E_s = 0.75$. Using formula: $E_s = \frac{15\%}{20\%} = 0.75$.

Flashcard 30: Determine elasticity if $\%\Delta Q_s = 30\%$ and $\%\Delta P = 10\%$.

Answer: $E_s = 3$. Using formula: $E_s = \frac{30\%}{10\%} = 3$.

Flashcard 31: Choose the elasticity when a price change leads to infinite quantity change.

Answer: Perfectly elastic. Infinite responsiveness indicates perfectly elastic supply.

Flashcard 32: Choose the elasticity when a price change leads to no quantity change.

Answer: Perfectly inelastic. Zero responsiveness indicates perfectly inelastic supply.

Flashcard 33: Find the price elasticity of supply if $\%\Delta Q_s = 5\%$ and $\%\Delta P = 10\%$.

Answer: $E_s = 0.5$. Using formula: $E_s = \frac{5\%}{10\%} = 0.5$.

Flashcard 34: How does increased storage ability affect supply elasticity?

Answer: Increases elasticity. Storage allows producers to better respond to price changes.

Flashcard 35: What is the formula for calculating price elasticity of supply?

Answer: $E_s = \frac{\%\Delta Q_s}{\%\Delta P}$. Measures percentage change in quantity supplied per percentage change in price.

Flashcard 36: What is the effect on supply elasticity if production is highly flexible?

Answer: More elastic. Flexible production allows easier quantity adjustments to price changes.

Flashcard 37: Calculate $E_s$ if $\%\Delta Q_s = 0\%$ and $\%\Delta P = 5\%$.

Answer: $E_s = 0$. Zero quantity change means perfectly inelastic supply.

Flashcard 38: Identify the factor that affects price elasticity of supply: flexibility of production.

Answer: Flexibility of production. More flexible production enables greater quantity adjustments.

Flashcard 39: Identify the elasticity when the supply curve is perfectly vertical.

Answer: Perfectly inelastic. Vertical curve means zero responsiveness to price changes.

Flashcard 40: What is the elasticity of supply for a good with readily available resources?

Answer: Elastic. Available resources enable quick production increases.

Flashcard 41: What is the elasticity of supply for a commodity with a long production period?

Answer: Inelastic. Long production time limits quick supply adjustments.

Flashcard 42: Identify the factor that affects price elasticity of supply: time period.

Answer: Time period. More time allows greater adjustment flexibility.

Flashcard 43: Find the price elasticity of supply if $\%\Delta Q_s = 10\%$ and $\%\Delta P = 5\%$.

Answer: $E_s = 2$. Using formula: $E_s = \frac{10\%}{5\%} = 2$.

Flashcard 44: Identify the effect on supply elasticity if production requires specialized inputs.

Answer: Less elastic. Specialized inputs are harder to obtain quickly.

Flashcard 45: Identify the factor that affects price elasticity of supply: availability of inputs.

Answer: Availability of inputs. Scarce inputs limit ability to increase production.

Flashcard 46: Calculate $E_s$ if $\%\Delta Q_s = 15\%$ and $\%\Delta P = 20\%$.

Answer: $E_s = 0.75$. Using formula: $E_s = \frac{15\%}{20\%} = 0.75$.

Flashcard 47: What is the elasticity of supply for a commodity with a long production period?

Answer: Inelastic. Long production time limits quick supply adjustments.

Flashcard 48: Choose the elasticity when a small price increase results in a large supply increase.

Answer: Elastic. Large quantity response to small price change indicates elastic supply.

Flashcard 49: Determine elasticity if $\%\Delta Q_s = 30\%$ and $\%\Delta P = 10\%$.

Answer: $E_s = 3$. Using formula: $E_s = \frac{30\%}{10\%} = 3$.

Flashcard 50: Calculate $E_s$ if $\%\Delta Q_s = 5\%$ and $\%\Delta P = 5\%$.

Answer: $E_s = 1$. Equal percentage changes yield unit elastic supply.

Flashcard 51: State the term for $E_s > 1$ in price elasticity of supply.

Answer: Elastic supply. Supply is responsive to price changes when $E_s > 1$.

Flashcard 52: What is the effect on supply elasticity if inputs are readily available?

Answer: More elastic. Available inputs enable producers to respond more to price changes.

Flashcard 53: What does a perfectly elastic supply curve look like?

Answer: Horizontal line. Any price change causes infinite quantity response ($E_s = ∞$).

Flashcard 54: What happens to supply elasticity in the long run with adjustable production capacity?

Answer: More elastic. Time allows adjustment of all production factors.

Flashcard 55: Choose the supply elasticity: short run.

Answer: Inelastic. Limited time allows only minimal production adjustments.

Flashcard 56: Identify the elasticity when the supply curve is perfectly horizontal.

Answer: Perfectly elastic. Horizontal curve means infinite responsiveness to price changes.

Flashcard 57: Identify the elasticity when the supply curve is perfectly horizontal.

Answer: Perfectly elastic. Horizontal curve means infinite responsiveness to price changes.

Flashcard 58: Find the price elasticity of supply if $\%\Delta Q_s = 10\%$ and $\%\Delta P = 5\%$.

Answer: $E_s = 2$. Using formula: $E_s = \frac{10\%}{5\%} = 2$.

Flashcard 59: What is the effect on supply elasticity if inputs are readily available?

Answer: More elastic. Available inputs enable producers to respond more to price changes.

Flashcard 60: What is the elasticity of supply for a good with limited resources?

Answer: Inelastic. Limited resources constrain production expansion ability.

Flashcard 61: Identify the measure of responsiveness of quantity supplied to a price change.

Answer: Price elasticity of supply. Measures how quantity supplied responds to price changes.

Flashcard 62: What happens to supply elasticity in the long run with adjustable production capacity?

Answer: More elastic. Time allows adjustment of all production factors.

Flashcard 63: Choose the elasticity when a price change leads to no quantity change.

Answer: Perfectly inelastic. Zero responsiveness indicates perfectly inelastic supply.

Flashcard 64: Calculate $E_s$ if $\%\Delta Q_s = 20\%$ and $\%\Delta P = 10\%$.

Answer: $E_s = 2$. Using formula: $E_s = \frac{20\%}{10\%} = 2$.

Flashcard 65: Identify the measure of responsiveness of quantity supplied to a price change.

Answer: Price elasticity of supply. Measures how quantity supplied responds to price changes.

Flashcard 66: State the term for $E_s = 1$ in price elasticity of supply.

Answer: Unit elastic supply. Percentage changes in quantity and price are equal.

Flashcard 67: What happens to supply elasticity in the short run with fixed production capacity?

Answer: Less elastic. Fixed capacity limits ability to adjust quantity supplied.

Flashcard 68: State the relationship between time and elasticity of supply.

Answer: More time, more elastic. Longer time periods allow greater production adjustments.

Flashcard 69: What is the impact of technological advancement on supply elasticity?

Answer: Increases elasticity. Technology improves production flexibility and responsiveness.

Flashcard 70: Choose the elasticity when a price change leads to infinite quantity change.

Answer: Perfectly elastic. Infinite responsiveness indicates perfectly elastic supply.

Flashcard 71: Identify the factor that affects price elasticity of supply: flexibility of production.

Answer: Flexibility of production. More flexible production enables greater quantity adjustments.

Flashcard 72: What is the impact of technological advancement on supply elasticity?

Answer: Increases elasticity. Technology improves production flexibility and responsiveness.

Flashcard 73: What is the elasticity of supply for a good with readily available resources?

Answer: Elastic. Available resources enable quick production increases.

Flashcard 74: Identify the elasticity when the supply curve is perfectly vertical.

Answer: Perfectly inelastic. Vertical curve means zero responsiveness to price changes.

Flashcard 75: What does a perfectly inelastic supply curve look like?

Answer: Vertical line. Quantity supplied cannot change regardless of price ($E_s = 0$).

Flashcard 76: Identify the elasticity of supply when firms can fully adjust all inputs.

Answer: Elastic. Full input adjustment enables maximum responsiveness to price.

Flashcard 77: Calculate $E_s$ if $\%\Delta Q_s = 20\%$ and $\%\Delta P = 10\%$.

Answer: $E_s = 2$. Using formula: $E_s = \frac{20\%}{10\%} = 2$.

Flashcard 78: What does a perfectly inelastic supply curve look like?

Answer: Vertical line. Quantity supplied cannot change regardless of price ($E_s = 0$).