12. What is the price elasticity of supply? Can you explain it in your own words?

13. Describe the general appearance of a demand or a supply curve with zero elasticity.

14. Describe the general appearance of a demand or a supply curve with infinite elasticity.

15. If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or on price?

16. If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on quantity?

Access for free at openstax.org
5 • Critical Thinking Questions 135

17. If supply is elastic, will shifts in demand have a larger effect on equilibrium quantity or on price?

18. If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on quantity?

19. Would you usually expect elasticity of demand or supply to be higher in the short run or in the long run?

Why?

20. Under which circumstances does the tax burden fall entirely on consumers?
{"creationdate": "2022-12-07T14:15:44-06:00", "upload_timestamp": "2026-02-07T15:37:44.339247", "producer": "Prince 14.2 (www.princexml.com)", "source_file": "downloads\\business\\economics\\Microeconomics3e.pdf", "file_hash": "830b81f41611ac67a490444dbb5d6aed292224606965b06965b914443c93331a", "batch_upload": true, "total_pages": 597, "source": "downloads\\business\\economics\\Microeconomics3e.pdf", "file_type": ".pdf", "file_size_mb": 26.99, "title": "Principles of Microeconomics 3e", "uploaded_via": "batch_uploader", "file_name": "Microeconomics3e.pdf", "creator": "PDFMiner", "moddate": "2022-12-07T14:23:05-06:00"}