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24:[["$","$L33",null,{"feature":"flashcards"}],"$L34",["$","$L35",null,{"href":"/a-level/economics/aqa/price-elasticity-of-supply/flashcards","label":"1.3.4 Price elasticity of supply","subjectCode":"a_level_economics__aqa","surface":"flashcards"}],["$","$L36",null,{"runner":["$","div",null,{"className":"min-h-0 flex-1 overflow-hidden bg-background","children":["$","$L37",null,{"decks":[{"id":"a36705c3-8688-4c59-b45f-9a984524199c","title":"1.3.4 Price elasticity of supply Flashcards","topicId":"c5b56bd0-0c8a-587e-9efc-5555267046ce","topicSlug":"price-elasticity-of-supply","cards":[{"id":"8c951dc1-4248-47f5-a2bd-664deecb491a","cardType":"cloze","points":null,"front":"PES measures the [ ] to a change in price.","back":"PES measures the responsiveness of quantity supplied to a change in price.","mcqOptions":[{"text":"responsiveness of quantity supplied","correct":true,"explanation":"PES measures how strongly the quantity that producers supply changes in response to a change in the product’s price."},{"text":"responsiveness of quantity demanded","correct":false,"explanation":"Quantity demanded is used for price elasticity of demand, not supply. PES measures the responsiveness of quantity supplied to a change in price."},{"text":"change in firms’ total revenue","correct":false,"explanation":"Total revenue may change when price changes, but it is not what PES directly measures. PES measures the responsiveness of quantity supplied to price."},{"text":"responsiveness of production costs","correct":false,"explanation":"Production costs can influence firms’ supply decisions, but PES does not measure their responsiveness. It measures how quantity supplied responds to a price change."}]},{"id":"c2ff7032-eefc-491d-a908-0042bf33b45d","cardType":"cloze","points":null,"front":"The formula for PES is $\\text{[...]}$.","back":"The formula for PES is $\\boxed{\\text{PES} = \\dfrac{\\%\\Delta Q_s}{\\%\\Delta P}}$.","mcqOptions":[{"text":"$$\\text{PES} = \\dfrac{\\%\\Delta Q_s}{\\%\\Delta P}$","correct":true,"explanation":"Price elasticity of supply is calculated by dividing the percentage change in quantity supplied by the percentage change in price."},{"text":"$$\\text{PES} = \\dfrac{\\%\\Delta P}{\\%\\Delta Q_s}$","correct":false,"explanation":"This reverses the numerator and denominator. PES equals the percentage change in quantity supplied divided by the percentage change in price."},{"text":"$$\\text{PES} = \\dfrac{\\Delta Q_s}{\\Delta P}$","correct":false,"explanation":"Using absolute changes makes the result depend on the measurement units. PES uses percentage changes in quantity supplied and price, making it comparable across markets."},{"text":"$$\\text{PES} = \\dfrac{\\%\\Delta Q_d}{\\%\\Delta P}$","correct":false,"explanation":"Using quantity demanded calculates price elasticity of demand instead. PES uses the percentage change in quantity supplied divided by the percentage change in price."}]},{"id":"7a57eb48-8c97-408f-98c3-d53c2ad02143","cardType":"cloze","points":null,"front":"A PES below one is [ ], while a PES above one is price elastic.","back":"A PES below one is price inelastic, while a PES above one is price elastic.","mcqOptions":[{"text":"price inelastic","correct":true,"explanation":"A PES between zero and one means quantity supplied changes by a smaller percentage than price, so supply is price inelastic."},{"text":"price elastic","correct":false,"explanation":"Price elastic supply has a PES above one, not below one. A PES below one means supply is price inelastic because quantity responds proportionately less."},{"text":"unit elastic","correct":false,"explanation":"Unit elastic supply has a PES exactly equal to one. When PES is below one, quantity supplied changes proportionately less than price and is price inelastic."},{"text":"perfectly elastic","correct":false,"explanation":"Perfectly elastic supply has an infinite PES and is represented by a horizontal supply curve. A PES below one is price inelastic."}]},{"id":"ef189b0b-c4fa-4a53-90e2-f54a49d57a46","cardType":"cloze","points":null,"front":"A PES below one is price inelastic, while a PES above one is [ ].","back":"A PES below one is price inelastic, while a PES above one is price elastic.","mcqOptions":[{"text":"price elastic","correct":true,"explanation":"A PES above one means quantity supplied changes by a greater percentage than price, so supply is classified as price elastic."},{"text":"price inelastic","correct":false,"explanation":"Price inelastic supply has a PES below one. A value above one is price elastic because quantity supplied responds proportionately more than price."},{"text":"unit elastic","correct":false,"explanation":"Unit elastic supply requires PES to equal exactly one. If PES is above one, supply is price elastic rather than unit elastic."},{"text":"perfectly inelastic","correct":false,"explanation":"Perfectly inelastic supply has a PES of zero and a vertical supply curve. A PES above one instead indicates price elastic supply."}]},{"id":"a1570a35-d410-43c8-9bc2-e085b5062a27","cardType":"basic","points":2,"front":"Why is PES normally positive?","back":"Because price and quantity supplied normally move in the same direction.","mcqOptions":[{"text":"Because price and quantity supplied normally move in the same direction.","correct":true,"explanation":"A higher price usually encourages producers to supply more, while a lower price encourages less supply. The two percentage changes therefore normally have the same sign."},{"text":"Because price and quantity supplied normally move in opposite directions.","correct":false,"explanation":"Moving in opposite directions describes the usual demand relationship and would produce a negative elasticity. PES is normally positive because price and quantity supplied move together."},{"text":"Because price and quantity demanded normally move in the same direction.","correct":false,"explanation":"This confuses supply with demand, and quantity demanded normally moves oppositely to price. PES is positive because price and quantity supplied normally move in the same direction."},{"text":"Because price and production costs normally remain unchanged.","correct":false,"explanation":"Unchanged production costs do not explain the sign of PES. Its positive sign arises because higher prices normally lead firms to increase quantity supplied."}]},{"id":"a4934ecc-a72e-44d4-899f-e38b2337c92e","cardType":"basic","points":1,"front":"What does PES reveal about firms when price rises?","back":"It shows how easily firms can expand output.","mcqOptions":[{"text":"It shows how easily firms can expand output.","correct":true,"explanation":"PES indicates the extent to which firms can increase production after a price rise, revealing how readily they can expand output."},{"text":"It shows how easily firms can reduce demand.","correct":false,"explanation":"Firms respond through production decisions rather than controlling market demand. PES shows how easily they can expand output when the market price rises."},{"text":"It shows how easily firms can increase prices.","correct":false,"explanation":"PES concerns the quantity response to a given price change, not firms’ ability to set prices. It reveals how easily firms can expand output."},{"text":"It shows how easily firms can lower costs.","correct":false,"explanation":"Lower costs may help production but are not directly measured by PES. PES reveals how easily firms can expand output in response to a price rise."}]},{"id":"e8ac2cb3-570a-46c5-a8f9-eb87601008e9","cardType":"basic","points":2,"front":"How does spare capacity affect PES?","back":"It lets firms increase output quickly, making supply more elastic.","mcqOptions":[{"text":"It lets firms increase output quickly, making supply more elastic.","correct":true,"explanation":"Unused machinery, labour or premises allow firms to raise production without first expanding their productive capacity, so quantity supplied can respond rapidly to price."},{"text":"It forces firms to increase prices quickly, making supply more elastic.","correct":false,"explanation":"Spare capacity affects how much firms can produce, not how quickly they must raise prices. It makes supply more elastic by allowing output to increase quickly."},{"text":"It lets firms reduce output quickly, making supply more inelastic.","correct":false,"explanation":"The relevant response to a price rise is the ability to expand production. Spare capacity lets firms increase output quickly, which makes supply more elastic, not inelastic."},{"text":"It forces firms to use all resources fully, making supply more inelastic.","correct":false,"explanation":"Spare capacity means some productive resources are currently unused, not fully employed. Those resources allow firms to increase output quickly, making supply more elastic."}]},{"id":"5b42b88a-8413-4dbd-a102-9d514626eb4b","cardType":"basic","points":1,"front":"What factor-market conditions increase PES?","back":"Easily obtained, movable inputs make supply more elastic.","mcqOptions":[{"text":"Easily obtained, movable inputs make supply more elastic.","correct":true,"explanation":"When labour, capital and raw materials are readily available and transferable, firms can expand production faster in response to higher prices, increasing PES."},{"text":"Scarce, specialised inputs make supply more elastic.","correct":false,"explanation":"Scarce or specialised factors are difficult to acquire or transfer, constraining production. Easily obtained, movable inputs make supply more elastic by enabling rapid expansion."},{"text":"Fixed, immovable inputs make supply more elastic.","correct":false,"explanation":"Immobile inputs cannot readily be moved into expanding industries, so they reduce responsiveness. Easily obtained, movable inputs are the conditions that increase PES."},{"text":"Expensive, limited inputs make supply more elastic.","correct":false,"explanation":"High prices and limited availability make additional inputs harder to obtain, restricting output growth. Supply becomes more elastic when inputs are easily obtained and movable."}]},{"id":"a3ea459e-7931-415c-a47f-0a67a983f66c","cardType":"basic","points":2,"front":"Why does the ability to hold stocks increase PES?","back":"Firms can release stored goods quickly when price rises.","mcqOptions":[{"text":"Firms can release stored goods quickly when price rises.","correct":true,"explanation":"Stocks allow firms to increase market supply immediately after a price rise without waiting for new production, so quantity supplied is more responsive."},{"text":"Firms can produce new goods instantly when price rises.","correct":false,"explanation":"Stockholding does not make the production process instantaneous. It increases PES because firms can release goods that have already been produced and stored."},{"text":"Firms can withhold stored goods indefinitely when price rises.","correct":false,"explanation":"Withholding stocks would restrict rather than increase the immediate quantity supplied. Stockholding raises PES because firms can release stored goods quickly when prices rise."},{"text":"Firms can reduce consumer demand quickly when price rises.","correct":false,"explanation":"Holding stocks affects firms’ available supply, not consumers’ demand. It raises PES because stored goods can be released quickly following a price increase."}]},{"id":"4bd271ea-5521-4dc8-a565-6c48e618c28a","cardType":"basic","points":2,"front":"Why are perishable goods likely to have inelastic supply?","back":"They cannot be stored and released later, reducing responsiveness.","mcqOptions":[{"text":"They cannot be stored and released later, reducing responsiveness.","correct":true,"explanation":"Perishable products deteriorate quickly, preventing firms from building inventories that can be released after a price rise. Quantity supplied is therefore less responsive."},{"text":"They cannot be produced and sold cheaply, reducing responsiveness.","correct":false,"explanation":"Perishability does not necessarily mean production or sale is expensive. It reduces PES because goods cannot be stored and released later when prices rise."},{"text":"They cannot be priced and advertised freely, reducing responsiveness.","correct":false,"explanation":"Pricing and advertising restrictions are not inherent features of perishability. Perishable goods tend to have inelastic supply because they cannot be stored for later release."},{"text":"They cannot be transported and consumed immediately, reducing responsiveness.","correct":false,"explanation":"Many perishable goods can be transported and consumed promptly. Their supply is less responsive because they cannot be stored and released later as market prices change."}]},{"id":"91797c1a-26ca-45a1-a4bc-a49e87ae4583","cardType":"cloze","points":null,"front":"In the immediate run, supply is often [ ]. In the long run, firms can adjust capacity.","back":"In the immediate run, supply is often fixed. In the long run, firms can adjust capacity.","mcqOptions":[{"text":"fixed","correct":true,"explanation":"In the immediate run, producers have insufficient time to alter inputs or production, so the quantity supplied is often fixed regardless of a price change."},{"text":"elastic","correct":false,"explanation":"Supply cannot normally be elastic immediately because firms lack time to adjust production. In the immediate run it is often fixed, giving a very low PES."},{"text":"unlimited","correct":false,"explanation":"Productive capacity and existing stocks constrain immediate supply, so it cannot be unlimited. Supply is often fixed until firms have time to alter capacity."},{"text":"expanding","correct":false,"explanation":"Expansion usually requires time to hire workers, obtain inputs or install capital. In the immediate run, supply is often fixed rather than expanding."}]},{"id":"e1b6b11e-0fcb-4525-a0bc-3de5cfcb587f","cardType":"cloze","points":null,"front":"In the immediate run, supply is often fixed. In the long run, firms can adjust [ ].","back":"In the immediate run, supply is often fixed. In the long run, firms can adjust capacity.","mcqOptions":[{"text":"capacity","correct":true,"explanation":"Over the long run, firms can invest in premises, machinery and labour, allowing them to alter productive capacity and respond more fully to price changes."},{"text":"demand","correct":false,"explanation":"Demand is determined by consumers and is not a productive resource that firms adjust. In the long run, firms can change their capacity."},{"text":"revenue","correct":false,"explanation":"Revenue changes as price and sales change, but it is an outcome rather than the production constraint being adjusted. Firms can alter capacity in the long run."},{"text":"elasticity","correct":false,"explanation":"Elasticity describes responsiveness and is not itself a productive input. Long-run supply becomes more responsive because firms have time to adjust capacity."}]},{"id":"bd5f972c-60a2-492f-85fb-6da02bd791e9","cardType":"basic","points":2,"front":"What happens to PES when supply is fixed in the immediate run?","back":"PES is very low because output cannot adjust quickly.","mcqOptions":[{"text":"PES is very low because output cannot adjust quickly.","correct":true,"explanation":"When immediate output is fixed, even a substantial price change causes little or no change in quantity supplied, producing a very low PES."},{"text":"PES is very high because output cannot adjust quickly.","correct":false,"explanation":"An inability to adjust output means quantity supplied responds weakly, not strongly, to price. Consequently PES is very low rather than very high."},{"text":"PES is equal to one because output cannot adjust quickly.","correct":false,"explanation":"A PES of one requires equal percentage changes in quantity supplied and price. Fixed immediate output barely changes, so PES is very low."},{"text":"PES is always negative because output cannot adjust quickly.","correct":false,"explanation":"A slow response affects the magnitude of PES, not its usual positive sign. With fixed immediate supply, PES is very low because output cannot adjust."}]},{"id":"ba5110db-c55e-4246-8ff4-ab03bab845f2","cardType":"basic","points":2,"front":"Why does PES usually rise in the long run?","back":"Firms can adjust capacity and other inputs.","mcqOptions":[{"text":"Firms can adjust capacity and other inputs.","correct":true,"explanation":"Given more time, firms can invest in capital, hire labour and obtain other resources, enabling a larger output response and therefore a higher PES."},{"text":"Firms can control demand and market prices.","correct":false,"explanation":"PES rises because firms gain production flexibility, not because they control demand or price. In the long run they can adjust capacity and other inputs."},{"text":"Firms can avoid capacity and input changes.","correct":false,"explanation":"Avoiding productive changes would leave output constrained and PES low. Long-run PES rises because firms have time to adjust capacity and other inputs."},{"text":"Firms can fix output and employment permanently.","correct":false,"explanation":"Permanently fixed output and employment would prevent supply from responding. PES usually rises because firms can alter capacity, labour and other inputs over time."}]},{"id":"e0a0736d-1369-47f5-8439-4ac6be21c6ff","cardType":"basic","points":2,"front":"How does high PES affect price volatility?","back":"It limits price volatility as supply responds strongly.","mcqOptions":[{"text":"It limits price volatility as supply responds strongly.","correct":true,"explanation":"When supply is highly elastic, firms respond to demand changes mainly by altering output, reducing the size of resulting price movements and limiting volatility."},{"text":"It increases price volatility as supply responds strongly.","correct":false,"explanation":"A strong quantity response absorbs more of a demand change, so less price adjustment is needed. High PES therefore limits rather than increases price volatility."},{"text":"It eliminates output changes as supply responds strongly.","correct":false,"explanation":"Strong supply responsiveness means output changes substantially, not that output changes disappear. This quantity adjustment helps limit the volatility of market prices."},{"text":"It fixes market prices permanently as supply responds strongly.","correct":false,"explanation":"Elastic supply moderates price movements but does not prevent all price changes. It limits price volatility because output responds strongly to changing market conditions."}]},{"id":"5fd38686-fd2d-424f-8e84-f5866f18a53b","cardType":"basic","points":2,"front":"How does PES affect a market's adjustment to a change in demand?","back":"It determines how quickly supply responds to changed demand.","mcqOptions":[{"text":"It determines how quickly supply responds to changed demand.","correct":true,"explanation":"PES captures producers’ ability to change quantity supplied as demand shifts and prices adjust, influencing the speed and nature of the market’s adjustment."},{"text":"It determines how quickly demand responds to changed demand.","correct":false,"explanation":"PES concerns producers’ quantity supplied, not the responsiveness of demand. It determines how quickly supply can respond after demand conditions change."},{"text":"It determines how quickly prices remain fixed under changed demand.","correct":false,"explanation":"A demand change generally creates pressure for price and quantity to adjust rather than remain fixed. PES determines how quickly supply responds to that change."},{"text":"It determines how quickly consumers respond to changed demand.","correct":false,"explanation":"Consumer responsiveness is associated with demand elasticities, whereas PES concerns firms. It determines how quickly producers adjust supply following a change in demand."}]},{"id":"e33bbd17-ce86-4fd3-b25f-e5e1e5255344","cardType":"basic","points":1,"front":"Price rises from £2.00 to £2.40. What is the percentage increase?","back":"20%.","mcqOptions":[{"text":"20%.","correct":true,"explanation":"The increase is £0.40, and £0.40 divided by the original £2.00 equals 0.20. Multiplying by 100 gives a percentage increase of 20%."},{"text":"15%.","correct":false,"explanation":"This can result from comparing the £0.40 increase with an incorrect base. Percentage change must use the original £2.00, giving £0.40 ÷ £2.00 × 100 = 20%."},{"text":"16.7%.","correct":false,"explanation":"This uses the final price as the denominator, calculating £0.40 ÷ £2.40. Percentage increase uses the starting price, so the correct calculation is £0.40 ÷ £2.00 × 100 = 20%."},{"text":"40%.","correct":false,"explanation":"This treats the £0.40 change as if it were measured from £1.00 rather than the original £2.00. Dividing £0.40 by £2.00 gives the correct increase of 20%."}]},{"id":"945b42f0-bf47-42b6-8a86-3dd99340853c","cardType":"basic","points":1,"front":"Quantity supplied rises from 10,000 to 11,000. What is the percentage increase?","back":"10%.","mcqOptions":[{"text":"10%.","correct":true,"explanation":"The quantity supplied increases by 1,000 units. Dividing this increase by the original 10,000 units and multiplying by 100 gives 1,000 ÷ 10,000 × 100 = 10%."},{"text":"11%.","correct":false,"explanation":"This may come from treating the final quantity as the percentage base or confusing the final figure with the increase. The increase is 1,000 from 10,000, which equals 10%."},{"text":"1%.","correct":false,"explanation":"This divides the 1,000-unit increase by 100 rather than by the original 10,000 units. Using the correct base gives 1,000 ÷ 10,000 × 100 = 10%."},{"text":"90%.","correct":false,"explanation":"This reflects subtracting the new quantity from the original and treating the difference as a percentage of the wrong amount. The rise is 1,000 out of 10,000, so it is 10%."}]},{"id":"0cdb2897-12f1-415c-bc52-61826e257d99","cardType":"basic","points":1,"front":"Calculate PES when price rises by 20% and quantity supplied rises by 10%.","back":"$\\text{PES} = 0.5$.","mcqOptions":[{"text":"$\\text{PES} = 0.5$.","correct":true,"explanation":"Price elasticity of supply equals the percentage change in quantity supplied divided by the percentage change in price. Therefore, PES = 10% ÷ 20% = 0.5."},{"text":"$\\text{PES} = 2$.","correct":false,"explanation":"This reverses the PES formula, calculating the price change divided by the quantity change. The correct formula is percentage change in quantity supplied ÷ percentage change in price: 10% ÷ 20% = 0.5."},{"text":"$\\text{PES} = 10$.","correct":false,"explanation":"This uses the quantity percentage alone and ignores the price change in the denominator. Dividing the 10% increase in quantity supplied by the 20% price increase gives PES = 0.5."},{"text":"$\\text{PES} = 30$.","correct":false,"explanation":"Adding the two percentage changes is not how elasticity is calculated. PES measures the ratio of responses, so 10% divided by 20% gives the correct value of 0.5."}]},{"id":"298b90b7-817c-4793-ba93-bd1aea9b5d2c","cardType":"basic","points":1,"front":"How is supply classified when PES is 0.5?","back":"Supply is price inelastic.","mcqOptions":[{"text":"Supply is price inelastic.","correct":true,"explanation":"Supply is price inelastic when PES is less than 1. A PES of 0.5 means quantity supplied changes proportionately less than price."},{"text":"Supply is price elastic.","correct":false,"explanation":"Price elastic supply requires PES to be greater than 1, meaning quantity supplied changes proportionately more than price. Since 0.5 is below 1, supply is price inelastic."},{"text":"Supply is unit elastic.","correct":false,"explanation":"Unit elastic supply has a PES of exactly 1, where quantity supplied changes by the same percentage as price. A PES of 0.5 indicates price inelastic supply."},{"text":"Supply is perfectly inelastic.","correct":false,"explanation":"Perfectly inelastic supply has a PES of 0, meaning quantity supplied does not respond to price. A value of 0.5 shows a response, so supply is price inelastic."}]},{"id":"ec96b490-3fa6-4828-95f2-a059888fa521","cardType":"basic","points":2,"front":"Why is the egg supply example price inelastic in the short run?","back":"Producers cannot quickly enlarge their flocks.","mcqOptions":[{"text":"Producers cannot quickly enlarge their flocks.","correct":true,"explanation":"In the short run, producers have limited time to increase the number of laying hens. This restricts the response of egg supply when price rises, making supply price inelastic."},{"text":"Producers cannot quickly reduce their flocks.","correct":false,"explanation":"Reducing flocks may affect supply when price falls, but it does not explain the limited short-run response to a price rise. The relevant constraint is the inability to quickly enlarge flocks."},{"text":"Producers can quickly enlarge their flocks.","correct":false,"explanation":"If producers could rapidly increase their flocks, egg supply could respond substantially to higher prices. In reality, biological growth and rearing times prevent quick enlargement, causing short-run inelasticity."},{"text":"Producers cannot quickly increase their prices.","correct":false,"explanation":"The example concerns how quantity supplied responds to a price change, not producers’ ability to set prices. Limited capacity to enlarge flocks is what makes egg supply inelastic in the short run."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Paper 1"},"heading":"1.3.4 Price elasticity of supply","title":"1.3.4 Price elasticity of supply Flashcards","topbar":{"backHref":"/a-level/economics/aqa/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"c5b56bd0-0c8a-587e-9efc-5555267046ce","walled":"$L39"}],"$L3a","$L3b"]