A-LevelEconomicsThe price system and the microeconomy9708/12 · Oct/Nov 2022 · Q121 Mark

A product has a high price elasticity of supply. What might explain this?

AIt has a high opportunity cost.

BIt has a non-perishable nature.

CIt is classed as an inferior good.

DIt is classed as a luxury good.

✓ Correct answer

B: It has a non-perishable nature.

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Topic: The price system and the microeconomy, A-Level Economics (syllabus 9708). Multiple choice, 1 mark.
Source: A-Level Economics, Oct/Nov 2022 Paper 1 Variant 2, question 12.

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