Price Elasticity of Supply
- Created by: linapoli
- Created on: 16-10-17 14:51
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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