Product X has a price elasticity of supply (PES) of +2, whilst product Y has a PES of +0.2.
Which statement about products X and Y is correct?
1 )
X has more substitutes than Y.
2 )
A 20% price fall would lead to a greater decrease in production of Y than of X.
After a price rise, it is more difficult to increase Y’s output than X’s.
4 )
After a price fall of 10%, more people would buy X than would buy Y.
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