The price elasticity of supply is generally greater than zero.

Question

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The price elasticity of supply is a measure of the responsiveness of quantity supplied to changes in price. Generally, when prices increase, suppliers are willing to supply more of a good or service, and vice versa. Therefore, the price elasticity of supply is generally greater than zero. However, in some cases where the production of a good or service requires a significant amount of time or resources, the price elasticity of supply may be relatively low or even inelastic.

The Price Elasticity of Supply Is Generally Greater Than Zero