A-LevelEconomicsElasticityMay/June 2025Paper 1 Q81 Mark
The diagram shows the short-run supply curve (SSR) and long-run supply curve (SLR) for a bakery. The price of a loaf of bread increases from $2.00 to $2.20. [Figure 8.1] What is the bakery's price elasticity of supply (PES) in the short run and in the long run when the price of a loaf of bread increases?
A0.5, 2.0
B0.5, 1.4
C2.0, 0.7
D2.0, 0.5
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The correct answer is A. This question tests the candidate's understanding of elasticity within the Economicssyllabus. The examiner's mark scheme requires...
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