1) Which determinant of price elasticity of supply refers to a firm's ability to increase production without raising costs, often seen during economic recessions? a) The level of stocks b) The degree of spare productive capacity c) The number of producers in the industry d) The ease and cost of factor substitution 2) What factor makes supply more price elastic in the long run compared to the short run? a) The ease of changing factor inputs b) The level of competition in the industry c) The amount of spare productive capacity d) The size of the firm's inventory stocks 3) m a) i b) t c) y

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