Asked by
Jordan Dohmann
on Oct 08, 2024
Verified
If the elasticity coefficient of supply is 0.7,supply is elastic.
Elasticity Coefficient
Refers to a numerical measurement of how responsive an economic variable is to a change in another variable.
Supply Elastic
Relates to how much the quantity supplied of a good changes in response to changes in its price.
- Learn about the factors that influence the flexibility of supply and their implications for market fluctuations.
Verified Answer
TB
Learning Objectives
- Learn about the factors that influence the flexibility of supply and their implications for market fluctuations.
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