If stocks or raw materials, components and finished products are high then the firm is able to respond to a change in demand quickly by supplying these stocks onto the market - supply will be?
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Card 11
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Ease of factor substitution - if there is spare capacity, additional workers can be used to produce more output, often in a short period of time, hence supply is ?
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Card 12
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For some types of business, it is the availability of capital that determines whether a firm can increase output. Where new machinery has to be purchased and installed, the elasticity of supply will be?
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Card 13
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Supply is likely to be more elastic...
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Card 14
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In some agricultural industries, supply is _____ and determined by planting decisions made months before.
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Card 15
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If there is plenty of _____ then a business should be able to increase its output without a rise in costs therefore supply will be elastic in response to a change in price.