Economics (AS & A Level) · May / June 2021 · Paper 13 · Question 7
9708Price elasticity of supply
A product has a low price elasticity of supply. What might explain this?
- AThe product has a low opportunity cost.
- BThe product is highly perishable.
- CThe product is classed as an inferior good.
- DThe product is considered to be a necessity.
As printed in the paper
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Correct answer: B. The product is highly perishable.
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