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10 cards from this deck
How responsive producers are to price changes
% change in quantity supplied ÷ % change in price
Allows fair comparisons across different products
Suppliers can easily & quickly change production levels
Suppliers find it difficult to quickly adjust production
More inelastic supply
Unused resources make supply more elastic
High stock levels make supply more elastic
Easy adaptation of resources makes supply more elastic
Longer time periods make supply more elastic
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