If an increase in price from 1.20 to 2 per unit leads to an increase in quantity supplied from 20 to ...

If an increase in price from 1.20 to 2 per unit leads to an increase in quantity supplied from 20 to 100 units,
 a. demand is elastic
  b. demand is inelastic
  c. demand is unit elastic
  d. supply is elastic
  e. supply is inelastic

QUESTION 2

If the price elasticity of supply in the kiwi fruit industry equals 1, supply is
 a. perfectly elastic
  b. relatively elastic
  c. unit elastic
  d. relatively inelastic
  e. perfectly inelastic

QUESTION 3

If supply is perfectly elastic, the supply curve is
 a. vertical
  b. horizontal
  c. any straight-line supply curve
  d. any supply curve intersecting a perfectly elastic demand curve
  e. any supply curve intersecting a demand curve which is unit elastic

QUESTION 4

Any supply curve that is a straight line passing through the graph's origin is unit elastic.
 a. True
  b. False

QUESTION 5

If the demand curve shifts but the supply curve does not and price remains the same, supply must be perfectly inelastic.
 a. True
  b. False

QUESTION 6

If price increases from 45 to 55, the market quantity supplied increases from 20 units per week to 30 units per week. The price elasticity of supply is
 a. 1/2 = 0.5
  b. 1.0
  c. 11/6 = 1.8333
  d. 9/4 = 2.25
  e. 2.0