Asked by
Daryl Tinambacan
on Dec 11, 2024
Verified
When economists say the price elasticity of supply is elastic, they mean that
A) suppliers are willing to produce much larger amounts of their good.
B) suppliers are willing to produce only a small amount more of their good.
C) consumers are willing to purchase much larger quantities of the good.
D) the change in quantity supplied is relatively small compared to the change in price.
Elastic Supply
A situation where the quantity supplied of a good or service changes significantly when its price changes.
- Clarify the variables impacting the flexibility of supply and how this flexibility shifts between the short run and the long run.
Verified Answer
KE
Learning Objectives
- Clarify the variables impacting the flexibility of supply and how this flexibility shifts between the short run and the long run.