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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.
Quiz by EvanRoberts
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Last updated: November 22, 2016
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First submittedNovember 22, 2016
Times taken52
Average score33.3%
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Answer
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
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Spare capacity
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Ease of accumulating stocks
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Ease of switching between methods of production
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Number of firms in market
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Ease of market entry
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Time
Why does an increased price of a product encourage firms to produce more?
Profit incentive
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