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10 cards from this deck
Responsiveness of quantity supplied to price changes
% change in qty supplied ÷ % change in price
Positive (higher prices → more supply)
PES > 1
PES < 1
PES = 0, vertical curve
Unit elastic (PES = 1 at all points)
Long run (all factors can adjust)
More spare capacity makes supply more elastic
+0.4 (inelastic)
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