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2.3.8 Importance of price elasticity of supply

Card 1 of 27

When demand rises, what does elastic supply allow?

A

Quantity cannot expand, so adjustment falls on price.

B

Price barely rises.

C

Supply is inelastic.

D

Extra output, so quantity traded rises.

Card 1 of 27

2.3.8 Importance of price elasticity of supply Flashcards

  1. GCSE
  2. /Economics
  3. /2.3.8 Importance of price elasticity of supply

27 flashcards on OCR GCSE Economics 2.3.8 Importance of price elasticity of supply: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.

Flashcards