Quiz: Factors Affecting Price Elasticity of Supply
AQA A level economics 7136 specification
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You've already learned about price elasticity of supply (PES). Let's test your understanding of the factors that influence PES!
Which of the following best describes price elasticity of supply?
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Which factors affect the price elasticity of supply? (Select all that apply)
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The price elasticity of supply is more likely to be {{blank0}} when firms have spare production capacity.
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Match the items on the left with their correct pairs on the right
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If price increases by 10% and quantity supplied increases by 5%, what is the price elasticity of supply?
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Match the items on the left with their correct pairs on the right
If production requires highly specialised resources, what is likely to happen to PES?
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Goods with {{blank0}} production times tend to have more inelastic supply.
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Which industry is likely to have highly elastic supply?
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