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In microeconomics, the concept of price elasticity of supply (PES) measures how much the quantity supplied of a good responds to a change in its price. The elasticity of supply is categorized into five types based on the degree of responsiveness. Each type is represented through a distinct shape of the supply curve. 1. Perfectly Elastic Supply (PES = ∞): In a perfectly elastic supply, even a tiny change in price leads to an infinite change in quantity supplied. Producers are willing to supply any quantity at a specific price, but none at all if the price deviates. The supply curve is a horizontal straight line parallel to the quantity axis. This situation is mostly theoretical and rare ______ ___ ____ ______ ______ _______ _____ ______ ________ __________.
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