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1.3 Price determination in a competitive market

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Question 6

Which one of the following is the most likely determinant of the price elasticity of supply of a good?

The availability of close consumer substitutes for the good

The ease with which factors of production can be reallocated to its manufacture

The proportion of household income spent on purchasing the good

The degree of brand loyalty associated with the good

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market