Question on: WAEC Economics - 2017
price elasticity of supply can be influenced by the following factors except?
A
time period
B
cost of production
C
size of consumer income
D
nature of the product
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Correct Option: D
It refers to how the amount supplied of a good or service changes in response to a price orĀ factorĀ change.Ā
Factors that Influence the PES. There are numerous factors that impact the price elasticity of supply including the number of producers, spareĀ capacity, ease of switching, ease of storage, length of production period, time period of training, factorĀ mobility, and how costs react.
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