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Economics (AS & A Level) · Oct / Nov 2024 · Paper 12 · Question 7

9708Price elasticity of supply

A firm produces a good using a very labour-intensive process. There is an increase in the price of the good. Under which conditions will the supply of the firm's good be most price elastic?

  1. Askilled; high
  2. Bskilled; low
  3. Cunskilled; high
  4. Dunskilled; low

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Correct answer: C. unskilled; high

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