A-LevelEconomicsMicroeconomics: Price SystemMay/June 2023Paper 1 Q111 Mark
The diagram shows the supply curve of a firm. [Figure 11.1] Which statement about the price elasticity of supply (PES) along this curve is correct?
APES is greater than unity at all points along the supply curve.
BPES is the same at all points along the supply curve.
CPES is elastic when the price is low and becomes more inelastic when the price rises.
DPES rises when the supply rises.
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The correct answer is D. This question tests the candidate's understanding of microeconomics: price system within the Economicssyllabus. The examiner's mark scheme requires...
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