Outline the Main Determinants of the Price Elasticity of Supply

question 65

Essay

Outline the main determinants of the price elasticity of supply, and explain how and why the price elasticity of supply varies between industries.

---

Definitions:

Reciprocal Determinism

A concept in psychology that suggests a person's behavior both influences and is influenced by personal factors and the social environment.

Inflated Sense

A condition where an individual's perception of their abilities or attributes is significantly higher than reality.

Self-love

The regard for one's own well-being and happiness, often considered a necessary foundation for healthy relationships with others.

Narcissism

A personality disorder marked by a grandiose sense of self-importance, a need for excessive attention and admiration, and a lack of empathy for others.