Asked by
Maria Varela Pagan
on Nov 25, 2024Verified
The main determinant of elasticity of supply is the
A) number of close substitutes for the product available to consumers.
B) amount of time the producer has to adjust inputs in response to a price change.
C) urgency of consumer wants for the product.
D) number of uses for the product.
Elasticity Of Supply
An assessment of the extent to which the supply of a product varies following a price alteration.
Time To Adjust
This term refers to the period required for changes in economic or policy conditions to take effect in the market or economy.
Price Change
The variation in the selling price of goods and services over a period of time, influenced by factors such as supply and demand, production costs, and market competition.
- Recognize elements influencing demand and supply elasticity.
- Appreciate the role of time in affecting price elasticity.
Verified Answer
ES
Learning Objectives
- Recognize elements influencing demand and supply elasticity.
- Appreciate the role of time in affecting price elasticity.