A-LevelEconomicsThe price system and the microeconomy9708/12 · May/June 2022 · Q51 Mark
In which situation is the price elasticity of supply for a product most likely to be relatively low?
ADemand for the product comes from a wide range of customers.
BProducers in closely related industries can easily switch to making the product.
CManufacture of the product requires highly skilled labour.
DThe main raw material used in the production of the product is in abundant supply.
✓ Correct answer
C: Manufacture of the product requires highly skilled labour.
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