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A-LevelEconomicsThe price system and the microeconomy9708/12 · Oct/Nov 2018 · Q81 Mark

Which statement best describes the meaning of price elasticity of supply?

Ahow much price changes when there has been a change in supply
Bhow much supply changes when there is a change in demand
Chow much supply changes when there is a change in price
Dhow much supply changes when there is a change in the price of a substitute

✓ Correct answer

C: how much supply changes when there is a change in price

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About this question

Topic
The price system and the microeconomy, A-Level Economics (syllabus 9708). Multiple choice, 1 mark.
Source
A-Level Economics, Oct/Nov 2018 Paper 1 Variant 2, question 8.

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