Other questions in this quiz

2. Which of these factors affect PES?

  • Time period and production speed
  • The number of subsitutes

3. What does PES measure?

  • The relationship between change in quantity supplied following a change in price.
  • The responsiveness of demand after a change in a product's own price.
  • The responsiveness of demand for good X following a change in the price of a related good Y.

4. When is supply price elastic?

  • When PES = Infinity
  • When PES < 1
  • When PES > 1
  • When PES = 0

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