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25:[["$","$L34",null,{"feature":"flashcards"}],"$L35",["$","$L36",null,{"href":"/international-a-level/economics/cie/significance-of-relative-percentage-changes-the-size-and-sign-of-the-coefficient-of-price-elasticity-of-supply/flashcards","label":"2.3.3 significance of relative percentage changes, the size and sign of the coefficient of price elasticity of supply","subjectCode":"international_a_level_economics__cie","surface":"flashcards"}],["$","$L37",null,{"runner":["$","div",null,{"className":"min-h-0 flex-1 overflow-hidden bg-background","children":["$","$L38",null,{"decks":[{"id":"1e5f987f-88dc-4e1a-a2fe-614b02388a08","title":"2.3.3 significance of relative percentage changes, the size and sign of the coefficient of price elasticity of supply 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PES instead measures how strongly quantity supplied responds to a change in price."},{"text":"PES measures the total quantity supplied at each price.","correct":false,"explanation":"PES does not measure the absolute amount supplied or show the supply schedule. It measures how strongly quantity supplied responds to a price change in percentage terms."},{"text":"PES measures how strongly price responds to a change in quantity supplied.","correct":false,"explanation":"This reverses the relationship used in PES. The coefficient measures the response of quantity supplied to a price change, not the response of price to quantity supplied."}]},{"id":"62091c2a-42c9-44e2-8746-cd2f7a0a7a51","cardType":"basic","points":1,"front":"What is the formula for PES?","back":"$$$\\text{PES} = \\dfrac{\\%\\,\\Delta Q_s}{\\%\\,\\Delta P}$$","mcqOptions":[{"text":"$$$\\text{PES} = \\dfrac{\\%\\,\\Delta Q_s}{\\%\\,\\Delta P}$$","correct":true,"explanation":"PES is calculated by dividing the percentage change in quantity supplied by the percentage change in price, showing the relative responsiveness of supply."},{"text":"$$$\\text{PES} = \\dfrac{\\%\\,\\Delta P}{\\%\\,\\Delta Q_s}$$","correct":false,"explanation":"This reverses the numerator and denominator and gives the reciprocal of PES. The correct formula divides the percentage change in quantity supplied by the percentage change in price."},{"text":"$$$\\text{PES} = \\dfrac{\\Delta Q_s}{\\Delta P}$$","correct":false,"explanation":"This uses absolute changes rather than percentage changes, so it does not account for the starting values. PES specifically compares percentage changes in quantity supplied and price."},{"text":"$$$\\text{PES} = \\dfrac{\\%\\,\\Delta Q_d}{\\%\\,\\Delta P}$$","correct":false,"explanation":"The subscript $d$ refers to quantity demanded, making this a demand response rather than supply response. PES uses the percentage change in quantity supplied, $Q_s$."}]},{"id":"e67deda8-2015-4614-a0cf-6d7cd9fc4cc8","cardType":"basic","points":1,"front":"What happens when PES = 0?","back":"Quantity supplied does not change when price changes, producing a vertical supply curve.","mcqOptions":[{"text":"Quantity supplied does not change when price changes, producing a vertical supply curve.","correct":true,"explanation":"A PES of zero means there is no quantity response to a price change. Supply is therefore perfectly inelastic and represented by a vertical curve."},{"text":"Quantity supplied changes by the same percentage when price changes, producing a straight-line supply curve.","correct":false,"explanation":"Equal percentage changes indicate unit elastic supply, where PES equals one. A PES of zero means quantity supplied does not change, producing a vertical supply curve."},{"text":"Quantity supplied changes infinitely when price changes, producing a horizontal supply curve.","correct":false,"explanation":"An infinite quantity response describes perfectly elastic supply, represented by a horizontal curve. PES of zero means quantity supplied remains unchanged as price changes."},{"text":"Quantity supplied falls when price rises, producing a downward-sloping supply curve.","correct":false,"explanation":"A falling quantity supplied after a price rise would imply an unusual negative relationship, not PES of zero. Zero PES means quantity supplied stays fixed and supply is vertical."}]},{"id":"7b319878-1ce3-4773-b6c5-c1fe757bd363","cardType":"basic","points":1,"front":"What does a PES between 0 and 1 indicate?","back":"Inelastic supply: quantity supplied changes by a smaller percentage than price.","mcqOptions":[{"text":"Inelastic supply: quantity supplied changes by a smaller percentage than price.","correct":true,"explanation":"When PES lies between zero and one, the percentage change in quantity supplied is smaller than the percentage change in price, so supply is inelastic."},{"text":"Elastic supply: quantity supplied changes by a larger percentage than price.","correct":false,"explanation":"This describes elastic supply, which occurs when PES is greater than one. A PES between zero and one means quantity supplied changes by a smaller percentage than price."},{"text":"Unit elastic supply: quantity supplied changes by exactly the same percentage as price.","correct":false,"explanation":"Unit elastic supply occurs when PES equals one, not when it lies between zero and one. Here, quantity supplied changes by a smaller percentage than price."},{"text":"Perfectly inelastic supply: quantity supplied does not change when price changes.","correct":false,"explanation":"Perfectly inelastic supply has a PES of zero. A value between zero and one still allows quantity supplied to change, but by a smaller percentage than price."}]},{"id":"f5f8c6f5-47f9-4615-ba3c-b767256a3bcb","cardType":"basic","points":1,"front":"What does PES = 1 indicate?","back":"Unit elastic supply: quantity supplied changes by exactly the same percentage as price.","mcqOptions":[{"text":"Unit elastic supply: quantity supplied changes by exactly the same percentage as price.","correct":true,"explanation":"A PES of one means the percentage change in quantity supplied exactly matches the percentage change in price, which defines unit elastic supply."},{"text":"Inelastic supply: quantity supplied changes by a smaller percentage than price.","correct":false,"explanation":"This describes a PES between zero and one. When PES equals one, quantity supplied changes by exactly the same percentage as price."},{"text":"Elastic supply: quantity supplied changes by a larger percentage than price.","correct":false,"explanation":"This describes a PES greater than one. A PES of one means the percentage changes in quantity supplied and price are exactly equal."},{"text":"Perfectly inelastic supply: quantity supplied remains unchanged when price changes.","correct":false,"explanation":"Perfectly inelastic supply has PES equal to zero, so quantity supplied does not respond. PES equal to one means quantity supplied changes proportionately with price."}]},{"id":"cc0e8682-0ef0-4f03-822f-cf106d33d1d1","cardType":"basic","points":1,"front":"What quantity response illustrates unit elastic supply after a 10% price rise?","back":"A 10% price rise causes a 10% rise in quantity supplied.","mcqOptions":[{"text":"A 10% price rise causes a 10% rise in quantity supplied.","correct":true,"explanation":"With unit elastic supply, PES equals one, so the percentage change in quantity supplied matches the percentage change in price. A 10% price rise therefore causes a 10% rise in quantity supplied."},{"text":"A 10% price rise causes a 5% rise in quantity supplied.","correct":false,"explanation":"A 5% quantity response is smaller than the price response, indicating inelastic supply. Unit elastic supply requires quantity supplied to rise by the same 10%."},{"text":"A 10% price rise causes a 20% rise in quantity supplied.","correct":false,"explanation":"A 20% quantity response is larger than the price response, indicating elastic supply. Unit elastic supply requires the quantity supplied to rise by exactly 10%."},{"text":"A 10% price rise causes no change in quantity supplied.","correct":false,"explanation":"No quantity response indicates perfectly inelastic supply, where PES equals zero. Unit elastic supply requires quantity supplied to change by the same 10% as price."}]},{"id":"ca3429ce-8524-4c8b-ae2e-2c387ba3a8eb","cardType":"basic","points":1,"front":"What does a PES greater than 1 indicate?","back":"Elastic supply: quantity supplied changes by a larger percentage than price.","mcqOptions":[{"text":"Elastic supply: quantity supplied changes by a larger percentage than price.","correct":true,"explanation":"A PES greater than one means quantity supplied responds proportionately more than price. This is the definition of elastic supply."},{"text":"Inelastic supply: quantity supplied changes by a smaller percentage than price.","correct":false,"explanation":"This describes a PES between zero and one. When PES is greater than one, quantity supplied changes by a larger percentage than price and supply is elastic."},{"text":"Unit elastic supply: quantity supplied changes by exactly the same percentage as price.","correct":false,"explanation":"Unit elastic supply occurs when PES equals one. A PES greater than one means the percentage change in quantity supplied exceeds the percentage change in price."},{"text":"Perfectly inelastic supply: quantity supplied does not change when price changes.","correct":false,"explanation":"Perfectly inelastic supply has PES equal to zero. A PES greater than one means quantity supplied is highly responsive and changes by a larger percentage than price."}]},{"id":"2d29afc5-36f1-4c31-8995-335ac63333d8","cardType":"basic","points":2,"front":"Why might a T-shirt factory have elastic supply?","back":"Firms can increase output sharply using idle machines and warehoused stock.","mcqOptions":[{"text":"Firms can increase output sharply using idle machines and warehoused stock.","correct":true,"explanation":"Idle machines provide unused production capacity, while warehoused stock can be released quickly. These allow firms to increase quantity supplied substantially after a price rise."},{"text":"Firms can increase output sharply using fully occupied machines and empty warehouses.","correct":false,"explanation":"Fully occupied machines leave little spare capacity, and empty warehouses provide no stock to release. Idle machines and warehoused stock instead explain why supply can respond sharply."},{"text":"Firms can increase output sharply using specialised machines and lengthy production processes.","correct":false,"explanation":"Specialised equipment and lengthy production processes usually make output slower to adjust, reducing supply elasticity. Spare capacity and existing stock allow a faster response."},{"text":"Firms can increase output sharply using scarce resources and rising production costs.","correct":false,"explanation":"Scarce resources and rising costs constrain expansion rather than enabling it. Idle machines and warehoused stock give firms the capacity and inventory needed to raise output quickly."}]},{"id":"76d60986-0d2e-46ba-8044-f5f71a4b04aa","cardType":"basic","points":2,"front":"What does perfectly elastic supply mean?","back":"Firms supply any quantity at the going price, but nothing below it; the curve is horizontal.","mcqOptions":[{"text":"Firms supply any quantity at the going price, but nothing below it; the curve is horizontal.","correct":true,"explanation":"Perfectly elastic supply means firms are willing to supply any quantity at one fixed price, but supply nothing at a lower price, producing a horizontal supply curve."},{"text":"Firms supply only one quantity at every price, and the curve is vertical.","correct":false,"explanation":"A vertical curve represents perfectly inelastic supply, where quantity cannot change as price changes. Perfectly elastic supply instead allows any quantity at the going price and nothing below it."},{"text":"Firms supply more only when price rises, and the curve slopes upward.","correct":false,"explanation":"An upward-sloping curve represents ordinary positive elasticity, not perfect elasticity. Perfectly elastic supply has a horizontal curve because firms accept the going price for any quantity."},{"text":"Firms supply any quantity only when price falls, but nothing above it; the curve is horizontal.","correct":false,"explanation":"This reverses the price condition. With perfectly elastic supply, firms supply any quantity at the going price but will not supply below that price."}]},{"id":"b00571cf-bc4c-458b-b89f-649db4585ca6","cardType":"basic","points":1,"front":"What does a PES of 0.3 imply about supply?","back":"A PES of 0.3 means supply is inelastic and output responds weakly to price.","mcqOptions":[{"text":"A PES of 0.3 means supply is inelastic and output responds weakly to price.","correct":true,"explanation":"A PES below 1 is inelastic, so the percentage change in quantity supplied is smaller than the percentage change in price. Therefore, output responds weakly."},{"text":"A PES of 3 means supply is elastic and output responds strongly to price.","correct":false,"explanation":"A value of 3 is elastic, not inelastic, so it describes a strong output response. A PES of 0.3 is below 1 and indicates a weak response to price."},{"text":"A PES of 0.3 means supply is elastic and output responds strongly to price.","correct":false,"explanation":"The value is below 1, so supply is inelastic and quantity supplied changes proportionately less than price. Elastic supply requires a PES greater than 1."},{"text":"A PES of 1.3 means supply is inelastic and output responds weakly to price.","correct":false,"explanation":"The common mistake is treating every decimal as inelastic. A PES of 1.3 is above 1 and therefore indicates elastic supply with a relatively strong output response."}]},{"id":"541f9b02-1759-47ba-8890-cb2dfed6865b","cardType":"basic","points":1,"front":"What does a PES of 3 imply about supply?","back":"A PES of 3 means supply is elastic and output responds strongly to price.","mcqOptions":[{"text":"A PES of 3 means supply is elastic and output responds strongly to price.","correct":true,"explanation":"A PES above 1 is elastic, meaning the percentage change in quantity supplied exceeds the percentage change in price. Thus, output responds strongly to price changes."},{"text":"A PES of 0.3 means supply is inelastic and output responds weakly to price.","correct":false,"explanation":"A PES of 0.3 is below 1, so supply is inelastic and output responds weakly. A value of 3 is above 1 and indicates a strong response."},{"text":"A PES of 3 means supply is inelastic and output responds weakly to price.","correct":false,"explanation":"The classification has been reversed: values above 1 indicate elastic supply, not inelastic supply. Therefore, a PES of 3 implies a strong response in output."},{"text":"A PES of 1 means supply is elastic and output responds strongly to price.","correct":false,"explanation":"A PES of exactly 1 is unit elastic, so quantity supplied changes proportionately with price. Elastic supply requires a value greater than 1, such as 3."}]},{"id":"45a63cd5-ab69-48a0-a3cc-d0da332fd10d","cardType":"basic","points":2,"front":"Why is the sign of PES normally positive?","back":"The sign is normally positive because the supply curve slopes upward.","mcqOptions":[{"text":"The sign is normally positive because the supply curve slopes upward.","correct":true,"explanation":"Price and quantity supplied normally have a direct relationship: higher prices encourage firms to supply more. This produces an upward-sloping supply curve and a positive PES."},{"text":"The sign is normally negative because the supply curve slopes downward.","correct":false,"explanation":"A downward-sloping curve describes an inverse relationship, more typical of demand. Supply normally slopes upward, so price and quantity supplied move together and PES is positive."},{"text":"The sign is normally zero because the supply curve is horizontal.","correct":false,"explanation":"A horizontal supply curve represents perfectly elastic supply, whose elasticity is effectively infinite rather than zero. Normal supply is upward sloping, giving PES a positive sign."},{"text":"The sign is normally positive because the supply curve slopes downward.","correct":false,"explanation":"The sign is normally positive, but the stated reason is wrong. A positive relationship comes from an upward-sloping supply curve, not a downward-sloping one."}]},{"id":"f82abbfc-5497-4142-8451-1dbdae769123","cardType":"basic","points":2,"front":"Why does a higher price normally increase quantity supplied?","back":"A higher price increases the reward per unit, encouraging firms to expand output.","mcqOptions":[{"text":"A higher price increases the reward per unit, encouraging firms to expand output.","correct":true,"explanation":"A higher selling price increases the revenue or reward received for each unit, making production more attractive and encouraging firms to expand quantity supplied."},{"text":"A higher price increases the cost per unit, encouraging firms to expand output.","correct":false,"explanation":"Higher costs generally reduce the incentive to produce, not increase it. The relevant effect of a higher price is a greater reward per unit, which encourages expansion."},{"text":"A higher price reduces the reward per unit, encouraging firms to expand output.","correct":false,"explanation":"This reverses the incentive effect of price. A higher price normally raises the reward per unit, making production more profitable and encouraging firms to supply more."},{"text":"A higher price increases the reward per consumer, encouraging firms to reduce output.","correct":false,"explanation":"Firms respond to the reward they receive per unit sold, not per consumer. A greater reward per unit normally encourages expansion rather than a reduction in output."}]},{"id":"ddf3f207-f449-43e1-9a79-42bb311a3f9d","cardType":"basic","points":1,"front":"What does the positive sign of PES confirm?","back":"A positive PES means price and quantity supplied move in the same direction.","mcqOptions":[{"text":"A positive PES means price and quantity supplied move in the same direction.","correct":true,"explanation":"A positive elasticity shows a direct relationship: an increase in price leads to an increase in quantity supplied, while a decrease in price leads to a decrease."},{"text":"A positive PES means price and quantity supplied move in opposite directions.","correct":false,"explanation":"Opposite movement indicates a negative relationship, as with demand. Positive PES confirms that price and quantity supplied change in the same direction."},{"text":"A positive PES means price changes while quantity supplied remains in the same direction.","correct":false,"explanation":"Elasticity concerns how quantity supplied responds to a price change, not whether quantity remains unchanged. A positive PES means both variables move together."},{"text":"A positive PES means price and quantity demanded move in the same direction.","correct":false,"explanation":"The relevant variable is quantity supplied, not quantity demanded. Positive PES describes the direct relationship between a product’s price and the amount firms offer."}]},{"id":"496b4878-416b-4b47-9eab-ea2251da5cdb","cardType":"basic","points":3,"front":"How does supply elasticity affect the outcome of a demand rise?","back":"A demand rise mainly increases price when supply is inelastic, but mainly increases quantity when supply is elastic.","mcqOptions":[{"text":"A demand rise mainly increases price when supply is inelastic, but mainly increases quantity when supply is elastic.","correct":true,"explanation":"Inelastic supply cannot expand output much, so increased demand mainly raises price. Elastic supply can respond with a larger output increase, limiting the price rise."},{"text":"A demand rise mainly increases quantity when supply is inelastic, but mainly increases price when supply is elastic.","correct":false,"explanation":"These effects are reversed. Inelastic supply restricts output changes and creates a larger price rise, whereas elastic supply allows quantity to increase substantially."},{"text":"A demand rise mainly increases price when supply is elastic, but mainly increases quantity when supply is inelastic.","correct":false,"explanation":"Elastic supply can accommodate extra demand through a larger quantity response, while inelastic supply cannot. Therefore, the dominant effects should be swapped in this option."},{"text":"A demand rise mainly increases price when supply is inelastic, but mainly increases price when supply is elastic.","correct":false,"explanation":"A demand rise increases both price and quantity, but the dominant effect differs. Elastic supply mainly produces a quantity increase, rather than another mainly price increase."}]},{"id":"45fdee0e-e266-4065-9237-7de12e647f3a","cardType":"basic","points":2,"front":"Why can a surge in demand for cup-final tickets sharply raise price?","back":"A sudden demand surge for cup-final tickets sends price soaring because the number of seats is fixed.","mcqOptions":[{"text":"A sudden demand surge for cup-final tickets sends price soaring because the number of seats is fixed.","correct":true,"explanation":"The fixed number of seats makes ticket supply perfectly inelastic in the short run. When demand rises sharply, quantity cannot expand, so the adjustment occurs mainly through price."},{"text":"A sudden demand surge for cup-final tickets sends quantity soaring because the number of seats is fixed.","correct":false,"explanation":"Fixed seating capacity prevents the quantity of tickets from increasing, so quantity cannot soar. The shortage created by higher demand instead pushes the price sharply upward."},{"text":"A sudden demand surge for cup-final tickets sends price falling because the number of seats is fixed.","correct":false,"explanation":"A demand increase normally raises price, especially when supply is fixed. Limited seats prevent extra tickets from being supplied, intensifying upward pressure on price."},{"text":"A sudden demand surge for cup-final tickets sends price soaring because the number of seats can expand quickly.","correct":false,"explanation":"The conclusion about price is plausible, but the reason is wrong. Prices soar because the number of seats is fixed, making supply unable to respond to demand."}]},{"id":"376a70be-a201-44cf-8ab8-61fc7d823c17","cardType":"basic","points":2,"front":"What conditions usually produce a high PES?","back":"A high PES reflects spare capacity, mobile factors or a long time horizon.","mcqOptions":[{"text":"A high PES reflects spare capacity, mobile factors or a long time horizon.","correct":true,"explanation":"Spare capacity allows firms to increase output, mobile factors can move into production, and a longer time horizon gives producers more opportunity to respond to price changes."},{"text":"A high PES reflects fixed capacity, immobile factors or a short time frame.","correct":false,"explanation":"These constraints make it difficult to expand output after a price rise, so they usually produce low rather than high PES. High PES depends on flexibility and sufficient time."},{"text":"A high PES reflects limited spare capacity, specialised factors or a short time horizon.","correct":false,"explanation":"Limited capacity, specialised resources and little time restrict the response of quantity supplied. The usual conditions for high PES are spare capacity, mobile factors and a long time horizon."},{"text":"A high PES reflects spare capacity, immobile factors or a short time horizon.","correct":false,"explanation":"Spare capacity helps supply respond, but immobile factors and a short horizon restrict that response. High PES generally requires mobile factors and enough time as well."}]},{"id":"5934f57e-365a-4aa5-b87c-c77f83d77398","cardType":"basic","points":2,"front":"What conditions usually produce a low PES?","back":"A low PES reflects fixed capacity, immobile factors or a short time frame.","mcqOptions":[{"text":"A low PES reflects fixed capacity, immobile factors or a short time frame.","correct":true,"explanation":"Fixed capacity, immobile factors and a short time frame limit how quickly firms can increase output when prices change, producing a relatively small percentage change in quantity supplied."},{"text":"A low PES reflects spare capacity, mobile factors or a long time horizon.","correct":false,"explanation":"These conditions give firms flexibility to expand output, so they usually produce high rather than low PES. Low PES is associated with capacity and adjustment constraints."},{"text":"A low PES reflects flexible capacity, mobile factors or a long time frame.","correct":false,"explanation":"Flexible capacity, mobile resources and more time make quantity supplied more responsive to price. Fixed capacity, immobile factors or a short period instead indicate low PES."},{"text":"A low PES reflects unlimited capacity, rapidly mobile factors or an extended time frame.","correct":false,"explanation":"Each condition listed increases producers’ ability to respond to price changes, making supply more elastic. Low PES results when production cannot adjust easily or quickly."}]},{"id":"14a11eaa-0aa7-473f-97d9-3624d13ea382","cardType":"basic","points":1,"front":"Complete the statement: A PES of ___ means quantity supplied does not change when price changes.","back":"A PES of 0 means quantity supplied does not change when price changes.","mcqOptions":[{"text":"A PES of 0 means quantity supplied does not change when price changes.","correct":true,"explanation":"A PES of zero means the percentage change in quantity supplied is zero despite a price change. Supply is therefore perfectly inelastic in this case."},{"text":"A PES of 1 means quantity supplied does not change when price changes.","correct":false,"explanation":"A value of one means quantity supplied changes by the same percentage as price. No change in quantity supplied requires a PES of zero."},{"text":"A PES of infinity means quantity supplied does not change when price changes.","correct":false,"explanation":"An infinitely large PES describes perfectly elastic supply, where quantity can change substantially in response to a tiny price change. No quantity response corresponds to zero PES."},{"text":"A PES of -1 means quantity supplied does not change when price changes.","correct":false,"explanation":"A value of negative one would indicate an inverse relationship between price and quantity supplied, and its magnitude suggests responsiveness. No change in quantity supplied is represented by zero."}]},{"id":"25bdcc1c-cc5a-429b-b5ae-f96912f5d69e","cardType":"cloze","points":null,"front":"A PES of [ ] is inelastic because it lies between 0 and 1.","back":"A PES of 0.3 is inelastic because it lies between 0 and 1.","mcqOptions":[{"text":"0.3","correct":true,"explanation":"A value between zero and one means the percentage change in quantity supplied is smaller than the percentage change in price, so supply is inelastic."},{"text":"1.3","correct":false,"explanation":"A value above one means quantity supplied changes by a larger percentage than price, making supply elastic. Inelastic PES values are greater than zero but less than one."},{"text":"0","correct":false,"explanation":"Zero represents perfectly inelastic supply, where quantity supplied does not respond at all to price. A value such as 0.3 indicates some response but less than proportionate."},{"text":"3","correct":false,"explanation":"A value of three means quantity supplied changes three times as much proportionally as price, so supply is elastic rather than inelastic. Values below one are inelastic."}]},{"id":"5eb9e9d8-7a70-4272-abab-6d7e2c7d7ed2","cardType":"cloze","points":null,"front":"With [ ] supply, a demand rise mainly raises price.","back":"With inelastic supply, a demand rise mainly raises price.","mcqOptions":[{"text":"inelastic","correct":true,"explanation":"When supply is inelastic, firms can increase quantity only slightly in response to higher demand, so most of the adjustment occurs through a rise in price."},{"text":"elastic","correct":false,"explanation":"Elastic supply allows firms to increase output substantially when demand rises, so the main effect is a larger quantity increase rather than mainly a price increase."},{"text":"perfectly elastic","correct":false,"explanation":"Perfectly elastic supply can provide any quantity at one unchanged price, so a demand rise mainly changes quantity while price remains constant, rather than mainly raising price."},{"text":"unit elastic","correct":false,"explanation":"Unit elastic supply changes quantity by the same percentage as price. It does not imply that a demand rise mainly raises price; that outcome is associated with inelastic supply."}]},{"id":"75f11448-e1c1-4038-afa3-2e9ad6ec7214","cardType":"cloze","points":null,"front":"With [ ] supply, a demand rise mainly raises quantity.","back":"With elastic supply, a demand rise mainly raises quantity.","mcqOptions":[{"text":"elastic","correct":true,"explanation":"Elastic supply allows producers to respond to higher demand with a relatively large increase in quantity supplied, so quantity changes more than price in percentage terms."},{"text":"inelastic","correct":false,"explanation":"Inelastic supply cannot expand output much when demand rises, so the main adjustment is usually a higher price. A mainly quantity response requires elastic supply."},{"text":"perfectly inelastic","correct":false,"explanation":"Perfectly inelastic supply fixes quantity regardless of demand conditions, meaning a demand rise raises price without increasing quantity. It is the opposite of the stated response."},{"text":"unit elastic","correct":false,"explanation":"Unit elastic supply produces equal percentage changes in price and quantity supplied, rather than a response mainly concentrated in quantity. Elastic supply makes quantity respond more strongly."}]},{"id":"1fdec383-0024-458e-8056-65af31b6014e","cardType":"cloze","points":null,"front":"The sign of PES is normally [ ] because supply slopes upward.","back":"The sign of PES is normally positive because supply slopes upward.","mcqOptions":[{"text":"positive","correct":true,"explanation":"An upward-sloping supply curve means higher prices are associated with higher quantities supplied. Since both percentage changes normally move in the same direction, PES is positive."},{"text":"negative","correct":false,"explanation":"A negative coefficient would imply price and quantity supplied move in opposite directions, which is associated with a downward-sloping relationship. Normal supply slopes upward, giving a positive sign."},{"text":"zero","correct":false,"explanation":"Zero means quantity supplied does not change when price changes, describing perfectly inelastic supply. The normal upward-sloping supply relationship produces a positive, not zero, PES."},{"text":"variable","correct":false,"explanation":"The sign describes the direction of the relationship and is normally positive for an upward-sloping supply curve. Responsiveness may vary, but that does not change the usual sign."}]}]}],"examCountdown":null,"heading":"2.3.3 significance of relative percentage changes, the size and sign of the coefficient of price elasticity of supply","title":"2.3.3 significance of relative percentage changes, the size and sign of the coefficient of price elasticity of supply Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"8202f724-f79e-4f25-866a-f7b975ce9501","walled":"$L3a"}],"$L3b","$L3c"]