If the price elasticity of supply for lettuce is 0.1, then this means that
A) the demand for lettuce is quite high
B) the quantity supplied of lettuce changes little when the price changes
C) there is a surplus of lettuce
D) there is not very much lettuce being produced

Question

Quizplus · Accepted Answer

The price elasticity of supply measures how much the quantity supplied of a good responds to a change in the price of that good. A price elasticity of supply of 0.1 is considered inelastic, meaning that the quantity supplied changes very little in response to price changes.

If the Price Elasticity of Supply for Lettuce Is 0