A-LevelEconomicsThe price system and the microeconomy9708/12 · May/June 2025 · 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?
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A0.5, 2.0
B0.5, 1.4
C2.0, 0.7
D2.0, 0.5
✓ Correct answer
A: 0.5, 2.0
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