The concept of elasticity of supply measures the responsiveness of the
A) quantity supplied to a change in the price.
B) quantity demanded to a change in the quantity supplied.
C) quantity supplied to a change in the quantity demanded.
D) price to a change in the quantity supplied.

Question

Quizplus · Accepted Answer

The concept of elasticity of supply measures how much the quantity supplied of a good responds to a change in the price of that good. It is a measure of the sensitivity of the quantity supplied to changes in price.

The Concept of Elasticity of Supply Measures the Responsiveness of the