Price inelastic supply
What Price inelastic supply means in Economics GCSE, as defined for AQA, OCR.
Definitions of Price inelastic supply
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Reference: AQA
Occurs when the percentage change in quantity supplied is less than the percentage change in price, with a PES value between 0 and 1.
When PES is less than 1, indicating that firms struggle to adjust production quickly when prices change.
When the percentage change in quantity supplied is less than the percentage change in price, so PES < 1.
Where the percentage change in quantity supplied is less than the percentage change in price. The PES value is less than 1.
Topics that use Price inelastic supply
- Price elasticity of supply (AQA GCSE)
- Supply (OCR GCSE)
Related terms
- Price elastic supply
- Unitary elastic supply
- Consumer affordability
- Factor mobility
- Price elasticity of supply
- Production capacity
- Spare capacity
- Time periods
Using Price inelastic supply in the exam
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