AS Paper 1, June 2023Introduction to Markets and Market Failure

AS Paper 1, June 2023, Q2(a)

Using the data provided, explain one likely factor that may influence the price elasticity of supply of gas.

Short answerExplain3 marks

Context

The world’s largest producer of natural gas is the USA. In 2021 production fell even though the price increased.

Specification topics

Elasticity of supply

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