Which of the following is a primary determinant of the price elasticity of supply ? The price elasticity of supply is affected by A. whether the good produced is a luxury or a necessity. B. the share of the good in consumer budgets. C. whether the good produced has close substitutes available. D. the passage of time. E. the definition of the market. In particular, the supply curve for a particular product will be increasingly more elastic over a ▼ longer shorter period of time.
Which of the following is a primary determinant of the price elasticity of supply ? The price elasticity of supply is affected by A. whether the good produced is a luxury or a necessity. B. the share of the good in consumer budgets. C. whether the good produced has close substitutes available. D. the passage of time. E. the definition of the market. In particular, the supply curve for a particular product will be increasingly more elastic over a ▼ longer shorter period of time.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following is a primary determinant of the
price elasticity of supply
?
The price elasticity of supply is affected by
whether the good produced is a luxury or a necessity.
the share of the good in consumer budgets.
whether the good produced has close substitutes available.
the passage of time.
the definition of the market.
In particular, the supply curve for a particular product will be increasingly more
period of time.
elastic
over a
▼
longer
shorter
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