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Paper 2Structured Questions1 marks
Understanding the responsiveness of supply to price changes is crucial for businesses.
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Price Elasticity of Supply
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.
- a[1]
State the meaning of price elasticity of supply.
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