1. If supply is elastic and there is an increase in demand, then there will be a Select one: (a) Small increase in price and a large increase in quantity (b) Large increase in both price and quantity (c) Small increase in both price and quantity (d) Large increase in price and a small increase in quantity
2. In general, the price elasticity of demand will be Select one: (a) Lower in the short run because there is more time to change behaviour (b) Constant over time (c) Lower in the long run because there is more time to change behaviour (d) Higher in the long run because there is more time to change behaviour
3. Which of the following is most likely to have a perfectly inelastic supply curve? Select one: (a) Paintings by an artist who lived 200 years ago (b) Basic food items like bread and milk (c) Microwave ovens (d) Expensive cars
4. If the supply of Qantas branded luggage increased from 130 to 150 bags per week, when the price increased from $200 to $230, then the price elasticity of supply is Select one: (a) 1.0 and is elastic (b) 1.0 and is inelastic (d) 1.0 and is perfectly elastic (c) 1.0 and is unit elastic

Please answer for 4 questions. I don't need an explanation thanks!