Economics · Oct / Nov 2022 · Paper 13 · Question 7
2281Price elasticity of supply (PES)
Which factor can influence the price elasticity of supply of a product?
- Athe degree of necessity of the product
- Bthe level of spare capacity in the industry
- Cthe price of substitutes
- Dthe proportion of income spent on the product
As printed in the paper
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Correct answer: B. the level of spare capacity in the industry
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