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responsively.","correct":true,"explanation":"A high PES means quantity supplied responds strongly to a change in price, because firms can alter production relatively easily and quickly."},{"text":"Firms can adjust prices flexibly and responsively.","correct":false,"explanation":"PES concerns the responsiveness of quantity supplied, not firms’ ability to set prices. The correct conclusion is that firms can adjust output flexibly and responsively."},{"text":"Firms must keep output fixed despite price changes.","correct":false,"explanation":"Keeping output nearly fixed describes price-inelastic supply, not high PES. A high PES means firms can adjust output flexibly and responsively."},{"text":"Firms can increase demand flexibly and responsively.","correct":false,"explanation":"Demand is determined by consumers, whereas PES concerns producers’ response. The correct implication is that firms can adjust output flexibly and responsively."}]},{"id":"d579fa3b-d7e5-4d82-9703-9ca4ff8e3301","cardType":"basic","points":1,"front":"What does a low PES reveal about supply?","back":"Supply is rigid and output cannot adjust much.","mcqOptions":[{"text":"Supply is rigid and output cannot adjust much.","correct":true,"explanation":"A low PES means quantity supplied changes by a relatively small percentage when price changes, so supply is rigid and output cannot adjust much."},{"text":"Supply is flexible and output adjusts quickly.","correct":false,"explanation":"Flexibility and rapid adjustment indicate high PES. Low PES means supply is rigid and output cannot adjust much after a price change."},{"text":"Supply is unlimited and output can expand freely.","correct":false,"explanation":"Unlimited production would imply a very responsive supply. Low PES instead indicates rigid supply, with output unable to adjust much."},{"text":"Supply is falling and output decreases automatically.","correct":false,"explanation":"A low PES describes the size of supply’s response, not necessarily a fall in output. It means supply is rigid and output cannot adjust much."}]},{"id":"addf0e7d-33e5-40fb-a164-ba79defa5496","cardType":"basic","points":3,"front":"Which two percentage changes does PES compare?","back":"

The % change in quantity supplied.
The % change in the good's own price.

","mcqOptions":[{"text":"

The % change in quantity supplied.
The % change in the good's own price.

","correct":true,"explanation":"PES is calculated by dividing the percentage change in quantity supplied by the percentage change in the good’s own price, measuring producers’ responsiveness."},{"text":"

The % change in quantity demanded.
The % change in the good's own price.

","correct":false,"explanation":"Quantity demanded belongs in price elasticity of demand. PES uses the percentage change in quantity supplied divided by the percentage change in the good’s own price."},{"text":"

The % change in quantity supplied.
The % change in consumers' income.

","correct":false,"explanation":"Income changes are used when analysing income elasticity, not PES. PES compares the percentage change in quantity supplied with the good’s own price change."},{"text":"

The % change in production costs.
The % change in the good's own price.

","correct":false,"explanation":"Production costs can affect supply but are not the numerator in the PES formula. PES compares the percentage change in quantity supplied with the good’s own price change."}]},{"id":"65e98a63-cb1d-412c-b27e-15a3b38617c2","cardType":"cloze","points":null,"front":"PES measures the responsiveness of [ ] to a change in the good's own price.","back":"PES measures the responsiveness of quantity supplied to a change in the good's own price.","mcqOptions":[{"text":"quantity supplied","correct":true,"explanation":"PES measures how responsive quantity supplied is to a change in the good’s own price, so it focuses on the amount producers are willing and able to sell."},{"text":"quantity demanded","correct":false,"explanation":"Quantity demanded describes consumers’ response and belongs to PED. PES measures the responsiveness of quantity supplied to the good’s own price."},{"text":"production costs","correct":false,"explanation":"Production costs influence firms’ willingness to supply but are not what PES directly measures. PES measures the responsiveness of quantity supplied to price."},{"text":"consumer income","correct":false,"explanation":"Consumer income may affect demand, but it is not the variable whose responsiveness PES measures. PES concerns quantity supplied and the good’s own price."}]},{"id":"8b1a2334-c5a1-4ec9-a7d5-1f3a5b765762","cardType":"cloze","points":null,"front":"The formula for PES is $\\text{[...]}$.","back":"The formula for PES is $\\boxed{\\mathrm{PES} = \\dfrac{\\%\\,\\Delta Q_s}{\\%\\,\\Delta P}}$.","mcqOptions":[{"text":"$$\\mathrm{PES} = \\dfrac{\\%\\,\\Delta Q_s}{\\%\\,\\Delta P}$","correct":true,"explanation":"PES is the percentage change in quantity supplied divided by the percentage change in price. This ratio measures how strongly supply responds to price."},{"text":"$$\\mathrm{PES} = \\dfrac{\\%\\,\\Delta P}{\\%\\,\\Delta Q_s}$","correct":false,"explanation":"This reverses the numerator and denominator, producing the reciprocal of PES. The correct formula places the percentage change in quantity supplied over the percentage change in price."},{"text":"$$\\mathrm{PES} = \\dfrac{\\Delta Q_s}{\\Delta P}$","correct":false,"explanation":"Using absolute changes omits the percentage standardisation that makes PES unit-free and comparable. The correct formula uses percentage changes in both quantity supplied and price."},{"text":"$$\\mathrm{PES} = \\dfrac{\\%\\,\\Delta Q_d}{\\%\\,\\Delta P}$","correct":false,"explanation":"Quantity demanded measures consumers’ response and belongs in PED. PES uses the percentage change in quantity supplied divided by the percentage change in price."}]},{"id":"11a3c6ed-b80f-4d20-9aed-7d461bd1f5ce","cardType":"basic","points":2,"front":"Why is PES unit-free?","back":"It compares percentage changes, so the units and prices of different goods do not affect comparison.","mcqOptions":[{"text":"It compares percentage changes, so the units and prices of different goods do not affect comparison.","correct":true,"explanation":"Percentage changes remove the original measurement units and scale, allowing supply responsiveness for different goods to be compared without being distorted by prices or quantities."},{"text":"It compares absolute changes, so all goods are measured in identical units.","correct":false,"explanation":"PES uses percentage changes, not absolute changes. Percentages make the ratio unit-free, so different goods and measurement units can be compared."},{"text":"It uses quantity supplied only, so price units are irrelevant.","correct":false,"explanation":"PES requires both quantity supplied and price changes. It is unit-free because both changes are expressed as percentages, not because price is excluded."},{"text":"It compares prices only, so quantities do not affect comparison.","correct":false,"explanation":"Quantity supplied is essential to PES. The ratio is unit-free because it compares the percentage change in quantity supplied with the percentage change in price."}]},{"id":"35636ed9-4be5-424e-87cb-d2b6c7aa7a0c","cardType":"basic","points":1,"front":"What does a larger PES value mean when the price signal is the same?","back":"Quantity supplied shows a larger percentage response.","mcqOptions":[{"text":"Quantity supplied shows a larger percentage response.","correct":true,"explanation":"With the same percentage change in price, a larger PES indicates a larger percentage change in quantity supplied, showing greater producer responsiveness."},{"text":"Quantity supplied shows a smaller percentage response.","correct":false,"explanation":"A smaller percentage response would produce a lower PES when the price signal is unchanged. A larger PES means quantity supplied has the larger percentage response."},{"text":"Price shows a larger percentage response.","correct":false,"explanation":"The price signal is held constant in this comparison. A larger PES therefore reflects a larger percentage response in quantity supplied, not in price."},{"text":"Quantity demanded shows a larger percentage response.","correct":false,"explanation":"PES measures producers’ quantity supplied, not consumers’ quantity demanded. A larger PES means quantity supplied responds by a larger percentage."}]},{"id":"0ef61624-8d3b-497b-8da8-96a0112e38d0","cardType":"basic","points":1,"front":"What does PES measure about producers rather than consumers?","back":"It measures how producers change quantity supplied, not how consumers change quantity demanded.","mcqOptions":[{"text":"It measures how producers change quantity supplied, not how consumers change quantity demanded.","correct":true,"explanation":"PES is a supply-side elasticity: it measures producers’ response in quantity supplied when the good’s own price changes, rather than consumers’ response in quantity demanded."},{"text":"It measures how producers change quantity demanded, not how consumers change quantity supplied.","correct":false,"explanation":"Consumers determine quantity demanded and producers determine quantity supplied. PES measures how producers change quantity supplied, not either of the reversed relationships."},{"text":"It measures how consumers change quantity supplied, not how producers change quantity demanded.","correct":false,"explanation":"Consumers do not supply the good in this relationship. PES measures producers’ change in quantity supplied, while consumer demand is analysed using PED."},{"text":"It measures how producers change price, not how consumers change quantity demanded.","correct":false,"explanation":"PES does not measure firms’ ability to change price. It measures how producers change quantity supplied in response to a price change."}]},{"id":"c1027ab2-0570-4852-a9e6-68b4e0ce7195","cardType":"basic","points":2,"front":"Why is PES normally positive?","back":"Price and quantity supplied usually move in the same direction, giving a positive ratio.","mcqOptions":[{"text":"Price and quantity supplied usually move in the same direction, giving a positive ratio.","correct":true,"explanation":"A higher price usually encourages firms to supply more, while a lower price encourages less. The two percentage changes therefore normally share a sign, making PES positive."},{"text":"Price and quantity supplied usually move in opposite directions, giving a positive ratio.","correct":false,"explanation":"Opposite signs would normally produce a negative ratio. Supply usually follows the same direction as price, so PES is normally positive."},{"text":"Price and quantity demanded usually move in the same direction, giving a positive ratio.","correct":false,"explanation":"This confuses supply with demand. PES is positive because price and quantity supplied usually move in the same direction."},{"text":"Price and quantity supplied usually move in the same direction, giving a negative ratio.","correct":false,"explanation":"Changes with the same sign produce a positive ratio, not a negative one. Supply usually rises with price and falls with price decreases, so PES is normally positive."}]},{"id":"6312f77b-7b96-4d52-9d20-0f110722e7a6","cardType":"cloze","points":null,"front":"A higher price increases the reward per unit, so producing extra units becomes [ ].","back":"A higher price increases the reward per unit, so producing extra units becomes profitable.","mcqOptions":[{"text":"profitable","correct":true,"explanation":"A higher selling price raises the revenue earned per unit. If other conditions are unchanged, producing additional units becomes more profitable and encourages firms to increase supply."},{"text":"unprofitable","correct":false,"explanation":"A higher price generally raises the reward from selling each unit, making extra production more profitable rather than unprofitable. Lower prices can make marginal units unprofitable."},{"text":"compulsory","correct":false,"explanation":"A price increase changes the financial incentive to produce but does not force firms to make extra units. Additional production becomes more profitable."},{"text":"unnecessary","correct":false,"explanation":"The incentive to produce more usually strengthens when the price rises. Extra units become more profitable, although capacity constraints may limit the response."}]},{"id":"9dbf775d-b1a6-4d6b-8e1c-cd010a282e47","cardType":"basic","points":1,"front":"What happens to quantity supplied when a lower price makes the least profitable units un worthwhile?","back":"Firms withdraw output from the market.","mcqOptions":[{"text":"Firms withdraw output from the market.","correct":true,"explanation":"When a lower price makes the least profitable units no longer worthwhile, firms reduce the quantity supplied by withdrawing those units from the market."},{"text":"Firms increase output in the market.","correct":false,"explanation":"A lower price reduces the reward from selling marginal units, so firms generally reduce supply rather than increase it. They withdraw output that is no longer profitable."},{"text":"Firms raise demand in the market.","correct":false,"explanation":"Firms supply goods; demand reflects consumers’ willingness and ability to buy. When marginal units become unprofitable, firms withdraw output from the market."},{"text":"Firms hold all output unchanged in the market.","correct":false,"explanation":"Some firms may face short-run rigidity, but the stated mechanism is that unprofitable marginal units are removed. Firms withdraw output from the market."}]},{"id":"12ed26a7-509f-4c22-ac2a-04e8aae75f68","cardType":"basic","points":1,"front":"A tomato price rises by 10% and quantity supplied rises by 5%. What is PES?","back":"$$\\mathrm{PES} = \\dfrac{5\\%}{10\\%} = \\mathbf{+0.5}$.","mcqOptions":[{"text":"$$\\mathrm{PES} = \\dfrac{5\\%}{10\\%} = \\mathbf{+0.5}$.","correct":true,"explanation":"PES equals the percentage change in quantity supplied divided by the percentage change in price: $5\\% \\div 10\\% = 0.5$. Both changes are positive, so the result is positive."},{"text":"$$\\mathrm{PES} = \\dfrac{10\\%}{5\\%} = \\mathbf{+2}$.","correct":false,"explanation":"This reverses the PES formula and calculates the reciprocal. The correct calculation is $5\\% \\div 10\\% = \\mathbf{+0.5}$ because quantity supplied is the numerator."},{"text":"$$\\mathrm{PES} = \\dfrac{5\\%}{10\\%} = \\mathbf{-0.5}$.","correct":false,"explanation":"The magnitude is calculated correctly, but both price and quantity supplied increased, so their changes have the same sign. PES is therefore $\\mathbf{+0.5}$."},{"text":"$$\\mathrm{PES} = \\dfrac{15\\%}{10\\%} = \\mathbf{+1.5}$.","correct":false,"explanation":"Adding the two percentage changes is not the elasticity calculation. PES divides the 5% quantity change by the 10% price change, giving $\\mathbf{+0.5}$."}]},{"id":"4afff871-40b0-499c-a12d-f02914526495","cardType":"basic","points":1,"front":"What do positive percentage changes in price and quantity supplied confirm about PES?","back":"They confirm that PES is greater than zero.","mcqOptions":[{"text":"They confirm that PES is greater than zero.","correct":true,"explanation":"Positive percentage changes in both price and quantity supplied have the same sign. Dividing one by the other therefore produces a positive PES, which is greater than zero."},{"text":"They confirm that PES is less than zero.","correct":false,"explanation":"Two positive changes produce a positive ratio, not a negative one. PES is greater than zero when price and quantity supplied rise together."},{"text":"They confirm that PES is equal to zero.","correct":false,"explanation":"A zero PES would mean no change in quantity supplied despite a price change. Positive changes in both variables produce a positive PES."},{"text":"They confirm that PES is equal to one.","correct":false,"explanation":"Positive changes establish that the ratio is above zero, but they do not show that the percentage changes are equal. PES equals one only when their magnitudes match."}]},{"id":"048d3911-1287-4dd5-b249-4c3abae3bbc9","cardType":"basic","points":2,"front":"Why is PES not one fixed number for a market?","back":"Its value depends on the time period and supply conditions such as spare capacity and stocks.","mcqOptions":[{"text":"Its value depends on the time period and supply conditions such as spare capacity and stocks.","correct":true,"explanation":"Firms can usually adjust production more over longer periods, and spare capacity or available stocks affect how quickly supply can respond. Therefore PES varies with circumstances."},{"text":"Its value depends only on the good's price and never on production conditions.","correct":false,"explanation":"The price change is part of the calculation, but supply responsiveness also depends on time, spare capacity and stocks. PES is not fixed independently of these conditions."},{"text":"Its value depends on the number of consumers and their preferences.","correct":false,"explanation":"Consumer numbers and preferences mainly affect demand. PES varies with the time period and producers’ supply conditions, such as spare capacity and stocks."},{"text":"Its value depends on the market's advertising budget and brand loyalty.","correct":false,"explanation":"Advertising and brand loyalty can influence demand but do not define supply responsiveness. PES depends especially on time and conditions such as spare capacity and stocks."}]},{"id":"6cdf5f42-0289-47b4-8411-0a50ec75a121","cardType":"cloze","points":null,"front":"The value of PES is meaningful only when its [ ] and supply conditions are stated.","back":"The value of PES is meaningful only when its time period and supply conditions are stated.","mcqOptions":[{"text":"time period","correct":true,"explanation":"Supply is usually more responsive over a longer time because firms can expand capacity, obtain inputs and adjust production. The time period must therefore be stated when quoting PES."},{"text":"market size","correct":false,"explanation":"Market size may affect the context but does not determine the time horizon of the elasticity. PES is meaningful only when its time period and supply conditions are stated."},{"text":"consumer income","correct":false,"explanation":"Consumer income is a demand-side factor and does not specify how quickly producers can respond. The relevant missing term is the time period."},{"text":"advertising level","correct":false,"explanation":"Advertising mainly affects demand and does not identify the period over which supply responds. PES must be interpreted with its time period and supply conditions stated."}]},{"id":"f1f8f2ea-b5fc-48c4-8e99-9d43c3be3023","cardType":"basic","points":2,"front":"Why is wheat supply near-inelastic immediately after a mid-season price rise?","back":"Farmers cannot grow more wheat until the next harvest.","mcqOptions":[{"text":"Farmers cannot grow more wheat until the next harvest.","correct":true,"explanation":"Immediately after a mid-season price rise, the amount of land and crop already planted cannot be changed quickly. Extra wheat must wait until the next harvest."},{"text":"Farmers can grow more wheat before the current harvest.","correct":false,"explanation":"A crop already in the growing season cannot usually be expanded before the current harvest. This short-run constraint makes wheat supply near-inelastic."},{"text":"Farmers cannot sell existing wheat until the next harvest.","correct":false,"explanation":"Existing stocks can generally be sold before the next harvest. The constraint is that farmers cannot grow more wheat until the next harvest."},{"text":"Farmers can double wheat output using existing crops.","correct":false,"explanation":"Existing crops cannot normally be doubled once the growing season is underway. Farmers cannot grow more wheat until the next harvest, limiting short-run supply."}]},{"id":"b2d7572f-56de-490b-9b87-ad13e4cac7a3","cardType":"basic","points":2,"front":"Why can wheat supply become more elastic a year after a price rise?","back":"Farmers have time to plant extra fields.","mcqOptions":[{"text":"Farmers have time to plant extra fields.","correct":true,"explanation":"A year gives farmers enough time to allocate more land to wheat and plant additional fields, so quantity supplied can respond more strongly to the earlier price increase."},{"text":"Farmers have time to harvest existing fields.","correct":false,"explanation":"Harvesting existing fields may affect timing, but it does not explain greater long-run supply responsiveness. The key reason is that farmers have time to plant extra fields and expand production."},{"text":"Farmers have time to reduce wheat yields.","correct":false,"explanation":"Reducing yields would lower the quantity supplied and does not make supply more responsive to a higher price. Farmers can increase responsiveness because they have time to plant extra fields."},{"text":"Farmers have time to raise wheat prices.","correct":false,"explanation":"Individual farmers do not normally set the market price, and raising prices does not increase supply flexibility. The correct explanation is that they can use the time to plant extra fields."}]},{"id":"6a91d09a-4d41-4f76-83e0-a55970fbaf35","cardType":"basic","points":1,"front":"What makes supply more flexible over a longer time horizon?","back":"Firms have more time to expand or contract output.","mcqOptions":[{"text":"Firms have more time to expand or contract output.","correct":true,"explanation":"Over a longer period, firms can adjust resources, capacity and production levels, allowing quantity supplied to respond more fully to a change in price."},{"text":"Firms have more time to keep output unchanged.","correct":false,"explanation":"Keeping output unchanged makes supply less responsive rather than more flexible. Longer time horizons allow firms to expand or contract output in response to price changes."},{"text":"Firms have more time to make demand perfectly elastic.","correct":false,"explanation":"Firms cannot directly make market demand perfectly elastic, and demand elasticity is a different concept. Supply becomes more flexible because firms can expand or contract output over time."},{"text":"Firms have more time to reduce the market price.","correct":false,"explanation":"Changing the market price is not the reason supply becomes more flexible. The relevant adjustment is that firms have time to expand or contract output when prices change."}]},{"id":"05abff1e-16fc-4b22-bb0d-e6bd4108b99f","cardType":"cloze","points":null,"front":"A high PES indicates [ ].","back":"A high PES indicates flexible, responsive supply.","mcqOptions":[{"text":"flexible, responsive supply","correct":true,"explanation":"A high PES means quantity supplied changes by a relatively large percentage when price changes by a given percentage, so supply is flexible and responsive."},{"text":"inelastic, unresponsive supply","correct":false,"explanation":"This describes a low PES, where quantity supplied changes proportionately less than price. A high PES instead means supply is flexible and responsive to price changes."},{"text":"constant, unchanged supply","correct":false,"explanation":"Unchanged supply would have a PES of zero because quantity supplied does not respond to price. A high PES indicates flexible, responsive supply with a substantial quantity change."},{"text":"perfectly fixed, vertical supply","correct":false,"explanation":"A perfectly fixed supply curve has a PES of zero, not a high value. High PES means firms can respond strongly to price changes by altering quantity supplied."}]},{"id":"867056ab-96a8-4f26-a6f3-3d66368b3cf4","cardType":"basic","points":1,"front":"What must be specified when stating a PES figure?","back":"The time period described by the figure.","mcqOptions":[{"text":"The time period described by the figure.","correct":true,"explanation":"PES depends on how much time firms have to adjust production. Stating the time period makes clear whether the figure refers to a short-run or long-run response."},{"text":"The income level described by the figure.","correct":false,"explanation":"Income is mainly relevant to income elasticity of demand, not the time-dependent responsiveness measured by PES. A PES figure must specify the time period it describes."},{"text":"The consumer preference described by the figure.","correct":false,"explanation":"Consumer preferences can affect demand, but they do not specify the production adjustment period underlying a PES figure. The required detail is the time period described."},{"text":"The market structure described by the figure.","correct":false,"explanation":"Market structure may influence firms’ behaviour, but it is not the essential qualification when quoting PES. The figure must state the time period over which supply responds."}]},{"id":"1648ccae-eca4-48c3-9e1f-71b8ed82362d","cardType":"cloze","points":null,"front":"PES normally has a positive value because price and quantity supplied move in the [ ].","back":"PES normally has a positive value because price and quantity supplied move in the same direction.","mcqOptions":[{"text":"same direction","correct":true,"explanation":"Supply generally follows the law of supply: a higher price encourages firms to supply more, while a lower price encourages them to supply less, so both variables move in the same direction."},{"text":"opposite directions","correct":false,"explanation":"Opposite movement would imply that quantity supplied falls when price rises, which conflicts with the usual upward-sloping supply relationship. PES is normally positive because price and quantity supplied move in the same direction."},{"text":"random directions","correct":false,"explanation":"The normal supply relationship is systematic rather than random. Price and quantity supplied usually rise or fall together, giving PES a positive value because they move in the same direction."},{"text":"fixed proportions","correct":false,"explanation":"Fixed proportions describe a constant relationship, not the direction of movement between price and quantity supplied. PES is normally positive because the two variables move in the same direction."}]}]}],"examCountdown":null,"heading":"2.3.1 definition of price elasticity of supply (PES)","title":"2.3.1 definition of price elasticity of supply (PES) Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"e8d7724a-afcb-4158-8e23-0ec8dd767702","walled":"$L39"}],"$L3a","$L3b"]