Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its
A). Demand
B). Price
C). Cost of production
D). State of technology
1 answers
Price
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its Price. Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity. It is also defined as the percentage change in quantity supplied divided by percentage change in price.
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