PES

Question 1

Fast-moving consumer good (FMCG)

Answer 1

Goods, especially food, that sell very quickly and in large amounts

Question 2

PES

Answer 2

Responsiveness of supply to a change in price

Question 3

Inelastic supply

Answer 3

Change in price results in a proportionally smaller change in the quantity supplied

Question 4

Elastic supply definition

Answer 4

Change in price results in a proportionally greater change in the quantity supplied

Question 5

Perfectly elastic supply

Answer 5

PES = ∞ (producers will supply an infinite amount at the given price)

Question 6

Perfectly inelastic supply

Answer 6

PES = 0 ( the quantity supplied is fixed and cannot be adjusted whatever the price)

Question 7

Unitary elasticity (supply)

Answer 7

PES = 1 (a change in price will be matched by an identical change in the quantity supplied)

Question 8

Wholesalers

Answer 8

Person or company that sells goods in large quantities to businesses, rather than to the general public

Question 9

Raw materials

Answer 9

Substances used to make a product