Asked by
Andrew Turney
on Oct 08, 2024
Verified
The greater the ease of shifting resources from product X to product Y in the production process,the greater is the elasticity of supply of product Y.
Elasticity of Supply
Elasticity of supply measures the responsiveness of the quantity supplied of a good or service to a change in its price.
Shifting Resources
The reallocation of resources from one use to another, often in response to changing economic conditions or priorities.
- Acquire knowledge about the determinants that impact the supply elasticity and their effects on market movements.
Verified Answer
SS
Learning Objectives
- Acquire knowledge about the determinants that impact the supply elasticity and their effects on market movements.