AP®︎ Microeconomics: Topic 2.4 Flashcards

Master key terms and definitions for Topic 2.4 of AP Microeconomics – Price Elasticity of Supply to help you prep for quizzes and the AP exam.

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Term

Elastic, Inelastic, and Unit Elastic Supply

Definition

Greater than 1 is elastic, less than 1 is inelastic, and equal to 1 is unit elastic.

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Elastic, Inelastic, and Unit Elastic Supply
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Greater than 1 is elastic, less than 1 is inelastic, and equal to 1 is unit elastic.

MKT-3.EMKT-3.E.7
Perfectly Inelastic and Perfectly Elastic Supply
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Zero means quantity supplied never changes; infinity means suppliers will supply any amount at one price.

MKT-3.EMKT-3.E.7
Determinants of Price Elasticity of Supply
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Responsiveness depends on production flexibility, time, and the availability and prices of alternative inputs.

MKT-3.EMKT-3.E.8
Price Elasticity of Supply
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The percent change in quantity supplied divided by the percent change in price.

MKT-3.EMKT-3.E.6