Cambridge IGCSE Economics practice
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MCQ
Type
cambridge_mcq
Style
Topic
Price elasticity of supply (PES)
Exam-style question
What does a PES value of 0 indicate?.
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Description
Price elasticity of supply (PES) measures how much the quantity supplied of a good changes when its price changes. A PES greater than 1 indicates elastic supply, while a PES less than 1 indicates inelastic supply.
State the meaning of price elasticity of supply.
Aim for approximately 1 distinct marking point.