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AQA Economics AS - Price elasticity of supply
Price elasticity of supply measures the extent to which the supply of a good changes in response to a change in the price of that good.
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EvanRoberts
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Last updated: November 22, 2016
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First submitted
November 22, 2016
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When price elasticity of supply is greater than 1 then supply is price...
Elastic
When price elasticity of supply less than 1 then supply is price...
Inelastic
A price elasticity of supply of 0 signifies supply is...
Perfectly inelastic
An infinite price elasticity of supply signifies supply is...
Perfectly elastic
Which seven factors determine price elasticity of supply?
Length of production period
-
Spare capacity
-
Ease of accumulating stocks
-
Ease of switching between methods of production
-
Number of firms in market
-
Ease of market entry
-
Time
Why does an increased price of a product encourage firms to produce more?
Profit incentive
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AQA Economics AS
Quiz series by EvanRoberts
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