Question on: SS1 Economics - Elasticity of Supply
What is the elasticity of supply?
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A
The degree of responsiveness of the quantity of a good demanded to changes in its price.
B
The degree of responsiveness of the quantity of a good supplied to changes in its price.
C
The degree of responsiveness of the quantity of a good demanded to changes in its income.
D
The degree of responsiveness of the quantity of a good supplied to changes in its income.
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Correct Option: B
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