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High PES allows quantity supplied to respond strongly after a small price change."},{"text":"The market clears after only a small quantity change.","correct":false,"explanation":"High PES means supply is responsive in quantity, so the market generally requires a substantial output adjustment rather than only a small quantity change to remove the shortage."},{"text":"The market clears after only a large quantity change.","correct":false,"explanation":"Although high PES permits a large output response, the key reason the required price rise is limited is that supply reacts strongly to a small change in price."}]},{"id":"d51c9668-7697-4b63-abea-6a10e8b2016c","cardType":"basic","points":1,"front":"What is the main effect of a rise in demand when PES is low?","back":"A rise in demand mainly causes price to increase.","mcqOptions":[{"text":"A rise in demand mainly causes price to increase.","correct":true,"explanation":"When PES is low, firms cannot expand output readily after demand rises. 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The main market effect is a price rise, alongside a relatively small quantity increase."}]},{"id":"350a48a5-f74d-4f98-b3d8-ba9a84267b77","cardType":"basic","points":2,"front":"Why can low PES cause a lasting shortage after demand rises?","back":"Firms cannot expand output quickly enough, so the shortage persists.","mcqOptions":[{"text":"Firms cannot expand output quickly enough, so the shortage persists.","correct":true,"explanation":"Low PES means firms need time to obtain resources, increase capacity or reorganise production. Until output catches up with demand, the shortage can continue for a prolonged period."},{"text":"Firms cannot expand output quickly enough, so the surplus persists.","correct":false,"explanation":"A demand rise creates excess demand rather than a surplus when firms cannot increase supply quickly. A surplus would occur if quantity supplied exceeded quantity demanded."},{"text":"Firms can expand output quickly enough, so the shortage disappears.","correct":false,"explanation":"This describes high rather than low PES. Inelastic supply prevents a rapid production response, leaving excess demand in the market after demand increases."},{"text":"Firms cannot expand output quickly enough, so the price falls.","correct":false,"explanation":"When demand rises against restricted supply, scarcity normally pushes price upward. The shortage persists because production cannot respond quickly, not because price falls."}]},{"id":"6f138bb6-1ccd-43e7-b133-b9ca95534382","cardType":"basic","points":2,"front":"How does high PES affect the way a change in demand is reflected in the market?","back":"A greater proportion of the demand change appears as extra quantity rather than a higher price.","mcqOptions":[{"text":"A greater proportion of the demand change appears as extra quantity rather than a higher price.","correct":true,"explanation":"High PES allows firms to increase production substantially when demand changes. Consequently, more of the adjustment occurs through quantity, while the price increase is relatively limited."},{"text":"A greater proportion of the demand change appears as a higher price rather than extra quantity.","correct":false,"explanation":"This reverses the effect of high PES. A strong supply response allows quantity to adjust, whereas a mainly price-based adjustment occurs when supply is relatively inelastic."},{"text":"A greater proportion of the demand change appears as lower quantity rather than a higher price.","correct":false,"explanation":"A demand increase does not normally reduce the equilibrium quantity supplied. High PES enables firms to provide more output, so the quantity response is positive."},{"text":"A greater proportion of the demand change appears as unchanged quantity rather than a higher price.","correct":false,"explanation":"Unchanged quantity would imply an extremely unresponsive supply curve. High PES means firms can increase output, making extra quantity the main part of the market adjustment."}]},{"id":"c08c06f0-3f4b-4e9f-80f1-b651297891de","cardType":"basic","points":1,"front":"What happens when a demand change meets low PES?","back":"The demand change is more likely to be reflected in a higher price.","mcqOptions":[{"text":"The demand change is more likely to be reflected in a higher price.","correct":true,"explanation":"Low PES means suppliers cannot alter output greatly in response to changed demand. With quantity constrained, the adjustment is more strongly shown by a movement in price."},{"text":"The demand change is more likely to be reflected in a higher quantity.","correct":false,"explanation":"A substantial quantity response requires high PES, because firms must be able to expand production. Low PES instead makes price absorb more of the demand change."},{"text":"The demand change is more likely to be reflected in a lower price.","correct":false,"explanation":"An increase in demand with limited supply creates scarcity, which puts upward rather than downward pressure on price. The supply constraint is the key reason price rises."},{"text":"The demand change is more likely to be reflected in an unchanged price.","correct":false,"explanation":"An unchanged price would require supply to respond sufficiently to the demand change or prices to be fixed. Low PES generally causes a noticeable price increase."}]},{"id":"de889f6c-2be7-4a04-86a0-e7e5679aa7ff","cardType":"basic","points":2,"front":"Why does PES rise over the long run?","back":"Supply becomes more responsive as firms adjust capacity.","mcqOptions":[{"text":"Supply becomes more responsive as firms adjust capacity.","correct":true,"explanation":"Over a longer period, firms have time to expand premises, acquire machinery, train workers and reorganise production. These capacity adjustments make quantity supplied more responsive to price."},{"text":"Supply becomes more responsive as firms adjust consumer demand.","correct":false,"explanation":"Firms may influence demand through advertising, but that is not the reason PES rises over time. Long-run supply becomes more elastic because productive capacity can be changed."},{"text":"Supply becomes less responsive as firms adjust capacity.","correct":false,"explanation":"The extra time available in the long run generally helps firms change capacity and production. This increases, rather than reduces, the responsiveness of supply."},{"text":"Supply becomes more responsive as firms adjust price controls.","correct":false,"explanation":"Price controls concern restrictions on market prices and do not directly create productive flexibility. Long-run PES rises because firms can alter their capacity and other inputs."}]},{"id":"09e8a277-f7ca-464d-839d-3be819db186b","cardType":"basic","points":2,"front":"How does rising long-run PES affect market adjustment?","back":"The market adjusts more fully because firms can expand output further.","mcqOptions":[{"text":"The market adjusts more fully because firms can expand output further.","correct":true,"explanation":"Higher long-run PES means firms have more time to alter capacity and other resources. They can therefore make a larger output response, allowing the market to adjust more completely."},{"text":"The market adjusts more fully because firms can raise price further.","correct":false,"explanation":"A stronger long-run supply response reduces the amount of adjustment needed through price. The important change is firms' ability to expand output, not their ability to raise price."},{"text":"The market adjusts less fully because firms can expand output further.","correct":false,"explanation":"Greater ability to expand output improves the market's adjustment rather than limiting it. Higher long-run PES allows supply to respond more closely to the changed demand."},{"text":"The market adjusts more fully because firms can reduce output further.","correct":false,"explanation":"The relevant response to increased demand is an expansion of output. Although flexible firms may reduce production in other circumstances, that is not the mechanism described here."}]},{"id":"c6f81e99-2427-4ecd-a3bc-fe7d8c11355b","cardType":"basic","points":3,"front":"Why do some markets absorb demand shocks more smoothly than others?","back":"Markets with high PES absorb shocks more smoothly; markets with low PES experience sharper price swings.","mcqOptions":[{"text":"Markets with high PES absorb shocks more smoothly; markets with low PES experience sharper price swings.","correct":true,"explanation":"High price elasticity of supply means firms can expand output readily after a demand shock, reducing the size of the resulting price change."},{"text":"Markets with high PES absorb shocks more sharply; markets with low PES experience smaller price swings.","correct":false,"explanation":"This reverses the relationship: high PES allows output to adjust more easily, so prices move less, whereas low PES causes sharper price swings."},{"text":"Markets with low PES absorb shocks more smoothly; markets with high PES experience sharper price swings.","correct":false,"explanation":"The elasticity effect is reversed here. Low PES restricts firms’ output response, making demand shocks more likely to produce substantial price changes."},{"text":"Markets with high PES absorb shocks more smoothly; markets with low PES experience sharper output changes.","correct":false,"explanation":"The key contrast concerns price swings, not output changes. Low PES makes supply less responsive, so demand shocks mainly create sharper price movements."}]},{"id":"95581583-c31c-4483-8e16-215e18698c32","cardType":"basic","points":2,"front":"How can firms with high PES gain an advantage when demand rises?","back":"They can capture extra demand as additional sales before rivals react.","mcqOptions":[{"text":"They can capture extra demand as additional sales before rivals react.","correct":true,"explanation":"High PES enables firms to increase production quickly, allowing them to meet rising demand and sell more before competitors have adjusted."},{"text":"They can capture extra demand as higher prices before rivals react.","correct":false,"explanation":"High PES mainly gives firms the ability to expand output, rather than relying on price rises. The advantage is additional sales while demand is available."},{"text":"They can capture extra demand as lower costs before rivals react.","correct":false,"explanation":"Elastic supply does not automatically reduce production costs. Its immediate advantage is responding with greater output and securing additional sales."},{"text":"They can capture extra demand as reduced advertising before rivals react.","correct":false,"explanation":"High PES concerns the responsiveness of supply, not promotional spending. Firms gain by producing and selling more quickly as demand rises."}]},{"id":"a83c1159-fef6-41f4-a0fc-089433776fec","cardType":"basic","points":2,"front":"How can PES help a government assess the likely effect of a policy?","back":"It helps governments judge whether a policy will increase output rather than merely increase prices.","mcqOptions":[{"text":"It helps governments judge whether a policy will increase output rather than merely increase prices.","correct":true,"explanation":"PES indicates how strongly producers can respond to changed prices or demand, helping governments predict whether policy effects will appear mainly in output or prices."},{"text":"It helps governments judge whether a policy will increase prices rather than merely increase output.","correct":false,"explanation":"This reverses the useful policy distinction. Low PES makes price increases more likely, while high PES allows policy-induced demand to generate more output."},{"text":"It helps governments judge whether a policy will increase employment rather than merely increase prices.","correct":false,"explanation":"Employment may be affected indirectly, but PES specifically helps assess producers’ output response and whether a policy mainly changes output or prices."},{"text":"It helps governments judge whether a policy will increase imports rather than merely increase output.","correct":false,"explanation":"PES measures domestic supply responsiveness, not the balance between imports and domestic production. The relevant comparison is increased output versus higher prices."}]},{"id":"67f4768c-66fb-4fc6-8f1b-1c6b49f8ba61","cardType":"basic","points":1,"front":"How can a firm raise its PES in the short run?","back":"Firms may hold spare capacity or stocks.","mcqOptions":[{"text":"Firms may hold spare capacity or stocks.","correct":true,"explanation":"Unused productive resources and stored goods allow a firm to respond more quickly when demand rises, increasing short-run supply responsiveness."},{"text":"Firms may hold fully utilised capacity or no stocks.","correct":false,"explanation":"Fully utilised capacity leaves little room to expand output, and having no stocks removes a rapid source of additional supply."},{"text":"Firms may reduce spare capacity or stocks.","correct":false,"explanation":"Reducing unused capacity or inventories makes short-run expansion harder. Holding these resources is what enables a faster response to demand."},{"text":"Firms may hold long-term debt or dividends.","correct":false,"explanation":"Debt and dividends are financial matters rather than immediately available productive resources or inventories, so they do not directly raise short-run PES."}]},{"id":"85db7bd7-08a7-46d7-bfcc-d09888373325","cardType":"basic","points":2,"front":"What is the cost of raising PES using spare capacity or stocks?","back":"Spare capacity and stocks tie up resources and add costs.","mcqOptions":[{"text":"Spare capacity and stocks tie up resources and add costs.","correct":true,"explanation":"Maintaining unused capacity and inventories uses capital and storage resources that could be employed elsewhere, creating opportunity costs and additional operating expenses."},{"text":"Spare capacity and stocks release resources and reduce costs.","correct":false,"explanation":"Keeping resources unused or goods in storage generally incurs opportunity and holding costs; it does not release resources or automatically lower costs."},{"text":"Spare capacity and stocks increase productivity and remove costs.","correct":false,"explanation":"They improve responsiveness, but maintaining them is costly. Spare facilities and inventories require funding, maintenance, and storage rather than removing costs."},{"text":"Spare capacity and stocks reduce output and raise taxes.","correct":false,"explanation":"The main cost is resources being committed and expenses being added, not necessarily lower output or higher taxes caused by holding reserves."}]},{"id":"f483dd74-1300-4e39-92f2-2fa9ec0de279","cardType":"basic","points":1,"front":"What limits a firm's ability to increase PES in the short run?","back":"In the short run, PES is largely fixed by the nature of production.","mcqOptions":[{"text":"In the short run, PES is largely fixed by the nature of production.","correct":true,"explanation":"Existing production methods, technology, capacity, and time constraints limit how quickly firms can alter supply, making short-run PES largely determined by production characteristics."},{"text":"In the short run, PES is largely fixed by the level of advertising.","correct":false,"explanation":"Advertising can influence demand, but it does not determine how quickly production can respond. Short-run PES is constrained by the production process."},{"text":"In the short run, PES is largely fixed by the number of competitors.","correct":false,"explanation":"Competition may influence market behaviour, but the immediate supply response depends chiefly on production constraints and available capacity."},{"text":"In the short run, PES is largely fixed by the rate of inflation.","correct":false,"explanation":"Inflation changes general price levels, whereas short-run PES depends on how readily firms can adjust production within existing technical and capacity limits."}]},{"id":"acee0f82-8ec3-4c07-9908-f62af73fcaea","cardType":"basic","points":2,"front":"How can a firm increase its PES over the long run?","back":"Investment in new capacity can make supply much more responsive.","mcqOptions":[{"text":"Investment in new capacity can make supply much more responsive.","correct":true,"explanation":"Long-run investment expands productive capacity, allowing firms to increase output more easily when market conditions change and therefore raising PES."},{"text":"Investment in lower demand can make supply much more responsive.","correct":false,"explanation":"Demand is not an investment target and reducing it would not improve firms’ ability to adjust supply. New productive capacity creates the long-run improvement."},{"text":"Investment in higher prices can make supply much more responsive.","correct":false,"explanation":"Higher prices may provide an incentive to supply more, but they do not themselves expand the capacity needed for a stronger long-run response."},{"text":"Investment in shorter opening hours can make supply much more responsive.","correct":false,"explanation":"Shorter operating hours would generally restrict available production rather than increase flexibility. Long-run responsiveness comes from expanding capacity."}]},{"id":"3bad04b9-f6a6-4853-ace3-99d5cd529fc6","cardType":"basic","points":2,"front":"Why can high PES benefit a firm when demand is rising?","back":"When demand is rising, high PES lets a firm turn extra demand into extra sales and revenue while price remains relatively stable.","mcqOptions":[{"text":"When demand is rising, high PES lets a firm turn extra demand into extra sales and revenue while price remains relatively stable.","correct":true,"explanation":"High PES allows output to expand as demand rises, so the firm can sell more and earn additional revenue without needing a large price increase."},{"text":"When demand is rising, high PES lets a firm turn extra demand into higher prices and lower sales while price remains relatively stable.","correct":false,"explanation":"High PES supports increased output and sales, rather than reducing sales through sharp price rises. The price can remain relatively stable because supply responds."},{"text":"When demand is rising, high PES lets a firm turn extra demand into extra costs and falling revenue while price remains relatively stable.","correct":false,"explanation":"Although expansion can involve costs, the intended benefit is increased sales and revenue. High PES helps the firm meet demand instead of losing revenue."},{"text":"When demand is rising, high PES lets a firm turn extra demand into unsold stocks and unstable prices while price remains relatively stable.","correct":false,"explanation":"A responsive supply allows firms to match increased demand, not create persistent unsold stocks. It also helps keep prices comparatively stable."}]},{"id":"7bf707d3-005d-4afc-83c2-d0b683b68396","cardType":"basic","points":1,"front":"Cloze","back":"

When demand rises, high PES allows firms to increase output quickly, so the market clears with only a small price change.

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

When demand rises, high PES allows firms to increase output quickly, so the market clears with only a small price change.

","correct":true,"explanation":"High price elasticity of supply means firms can respond rapidly to higher demand by producing more, limiting the resulting increase in price."},{"text":"

When demand rises, high PES allows firms to increase profit quickly, so the market clears with only a small price change.

","correct":false,"explanation":"Profit is not the quantity directly adjusted by supply elasticity. High PES enables firms to expand production rapidly, which helps satisfy demand and restrain price rises."},{"text":"

When demand rises, high PES allows firms to increase costs quickly, so the market clears with only a small price change.

","correct":false,"explanation":"Higher costs do not describe the supply response to rising demand. High PES means production can increase quickly, reducing pressure for a substantial price change."},{"text":"

When demand rises, high PES allows firms to increase market share quickly, so the market clears with only a small price change.

","correct":false,"explanation":"Market share may change as a consequence, but it is not what price elasticity of supply measures. The relevant response is a rapid expansion of production."}]},{"id":"d48f229b-efaf-4f42-8223-b8e6974d3b5f","cardType":"basic","points":1,"front":"Cloze","back":"

When demand rises, low PES mainly causes a price increase and a persistent shortage.

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

When demand rises, low PES mainly causes a price increase and a persistent shortage.

","correct":true,"explanation":"With low PES, firms cannot expand production quickly when demand increases. The resulting excess demand pushes prices up and may leave a shortage."},{"text":"

When demand rises, low PES mainly causes a price decrease and a persistent surplus.

","correct":false,"explanation":"This reverses the usual market effect of rising demand. Limited supply creates excess demand, causing prices to increase and potentially producing a shortage."},{"text":"

When demand rises, low PES mainly causes a stable price and a persistent surplus.

","correct":false,"explanation":"A stable price and surplus would suggest supply has expanded sufficiently or demand has fallen. Low PES instead makes supply unable to keep pace, raising prices."},{"text":"

When demand rises, low PES mainly causes a price increase and a persistent surplus.

","correct":false,"explanation":"Although limited supply can cause prices to rise, it creates excess demand rather than excess supply. The resulting imbalance is a shortage, not a surplus."}]},{"id":"25a2b15e-aa4e-4240-bbd9-b32dd633d505","cardType":"basic","points":1,"front":"Cloze","back":"

Over the long run, investment in new capacity allows supply to become more responsive.

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

Over the long run, investment in new capacity allows supply to become more responsive.

","correct":true,"explanation":"Investment expands the resources and productive capacity available to firms. This makes it easier for supply to adjust when prices or demand change."},{"text":"

Over the long run, investment in new capacity allows supply to become more inelastic.

","correct":false,"explanation":"Additional capacity generally makes firms better able to adjust production, increasing supply responsiveness. Inelastic supply would mean output changes little when market conditions change."},{"text":"

Over the long run, investment in lower wages allows supply to become more responsive.

","correct":false,"explanation":"Lower wages may reduce costs but do not directly provide the physical resources needed to expand output. Investment in capacity is the relevant long-run factor."},{"text":"

Over the long run, investment in advertising allows supply to become more responsive.

","correct":false,"explanation":"Advertising can influence demand and brand awareness, but it does not directly increase the ability to vary production. New productive capacity improves supply responsiveness."}]},{"id":"5270ab7d-f340-4756-8c67-c9704d4e3409","cardType":"basic","points":1,"front":"Cloze","back":"

Spare capacity can capture extra sales when demand rises, but it becomes an unused fixed cost during a downturn.

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

Spare capacity can capture extra sales when demand rises, but it becomes an unused fixed cost during a downturn.

","correct":true,"explanation":"Spare capacity helps firms increase output without immediately adding facilities. When demand falls, those facilities remain available but generate fixed costs without being fully used."},{"text":"

Spare capacity can capture extra sales when demand rises, but it becomes an avoidable variable cost during a downturn.

","correct":false,"explanation":"Capacity-related expenses such as premises and equipment are typically fixed and remain payable during a downturn. They are not usually avoidable variable costs."},{"text":"

Spare capacity can capture extra sales when demand rises, but it becomes an additional revenue stream during a downturn.

","correct":false,"explanation":"Unused facilities do not generate additional revenue when demand is weak. Instead, they may leave the firm paying fixed costs despite lower utilisation."},{"text":"

Spare capacity can capture extra sales when demand rises, but it becomes an economy of scale during a downturn.

","correct":false,"explanation":"An economy of scale describes falling average costs as output increases, not the financial burden of idle resources. Spare capacity can become an unused fixed cost."}]},{"id":"2df5c9c0-05cb-4ad4-929c-444db643263b","cardType":"basic","points":1,"front":"Cloze","back":"

Whether a firm should pursue higher PES depends on the time horizon and how variable and predictable demand is.

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

Whether a firm should pursue higher PES depends on the time horizon and how variable and predictable demand is.

","correct":true,"explanation":"Improving supply flexibility may require costly investment, whose benefits take time. Its value also depends on whether demand changes are sufficiently likely and significant."},{"text":"

Whether a firm should pursue higher PES depends on the time horizon and how stable and unpredictable demand is.

","correct":false,"explanation":"Stable demand provides little reason to invest in greater flexibility, while unpredictable changes are harder to prepare for. Variable and predictable demand makes higher PES more valuable."},{"text":"

Whether a firm should pursue higher PES depends on the market structure and how variable and predictable demand is.

","correct":false,"explanation":"Market structure can affect competitive decisions, but the key consideration here is whether investment has enough time to work. The time horizon determines its feasibility."},{"text":"

Whether a firm should pursue higher PES depends on the time horizon and how constant and predictable demand is.

","correct":false,"explanation":"Constant demand creates less need for supply flexibility because firms can plan a steady output level. Higher PES is more useful when demand is variable yet predictable."}]}]}],"examCountdown":null,"heading":"2.3.5 implications for speed and ease with which firms react to changed market conditions","title":"2.3.5 implications for speed and ease with which firms react to changed market conditions Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"857fe1d6-e2fd-434f-b8d2-e875d3ba7dcc","walled":"$L3a"}],"$L3b","$L3c"]