The term quality of supply means how much the quantity of a product is changed in supply when its price changes. If producers can quickly increase or decrease supply when prices rise or fall, this supply is called an elastic supply. If supply changes very little or few, even after a price change, it is called inelastic. This concept will help us to understand how sellers respond to the market prices. This tells us how supply is affected by the increase or decrease in prices. Elasticity of supply is an important topic, and questions are being asked about this topic in competitive exams. We have drafted this MCQ poster for you to help in your exam preparations.