Economics (AS & A Level) · Oct / Nov 2022 · Paper 11 · Question 7

Which statement defines the price elasticity of supply?

1. AIt is a measure of how the price of a good responds to a change in the quantity supplied.
2. BIt is a measure of how the quantity supplied of a good responds to a change in its price.
3. CIt is a measure of how the supply of a good responds to a change in its cost of production.
4. DIt is a measure of how the supply of good X responds to a change in the price of good Y.

As printed in the paper