Final answer:
The main factors influencing price elasticity of supply include the cost of inputs, natural disasters, new technologies, and government decisions.
Step-by-step explanation:
The main factors influencing price elasticity of supply include the cost of inputs, natural disasters, new technologies, and government decisions. These factors affect the cost of production, which in turn influences how much firms are willing to supply at a given price.
For example, if the cost of inputs increases, it will be more expensive for firms to produce goods, resulting in a decrease in the quantity supplied at a given price. Similarly, if there is a natural disaster that disrupts production, firms may not be able to supply as much as before, leading to a decrease in the price elasticity of supply.
Furthermore, new technologies can lead to more efficient production methods, lowering costs for firms and increasing their willingness to supply more at a given price. Additionally, government decisions, such as taxes or regulations, can impact the cost of production and affect the price elasticity of supply.