O-LevelEconomicsMicroeconomic decision makers2281/13 · Oct/Nov 2023 · Q71 Mark

What would increase the price elasticity of supply (PES) of a product?

Aan increase in the cost of inputs

Ban increase in the firm's profits

Can increase in the number of close substitutes

Dan increase in the time a product can be stored

✓ Correct answer

D: an increase in the time a product can be stored

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Topic: Microeconomic decision makers, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, Oct/Nov 2023 Paper 1 Variant 3, question 7.

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