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
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.