What is the elasticity of supply - SS1 Economics Elasticity of Supply Question
What is the elasticity of supply?
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.
correct option: b
Please share this, thanks:
Add your answer
No responses