Statistics for AQA Economics AS - Price elasticity of supply

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Hint	Answer	% Correct
When price elasticity of supply is greater than 1 then supply is price...	Elastic	100%
When price elasticity of supply less than 1 then supply is price...	Inelastic	100%
A price elasticity of supply of 0 signifies supply is...	Perfectly inelastic	57%
An infinite price elasticity of supply signifies supply is...	Perfectly elastic	54%
-	Time	32%
Why does an increased price of a product encourage firms to produce more?	Profit incentive	19%
-	Spare capacity	11%
-	Ease of market entry	8%
-	Ease of accumulating stocks	5%
Which seven factors determine price elasticity of supply?	Length of production period	3%
-	Number of firms in market	3%
-	Ease of switching between methods of production	0%