The Most Important Determinant of Price Elasticity of Supply Is

question 8

Multiple Choice

The most important determinant of price elasticity of supply is

• A)price elasticity of demand
• B)technological conditions such as how rapidly costs increase when a firm increases its output
• C)whether the production process relies heavily on capital or on labor
• D)the number and closeness of available substitutes
• E)whether the product is a normal good or an inferior good

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Definitions:

Autonomously

Acting independently or having the freedom to make one's own decisions without external control.

Learning Pace

The speed or rate at which an individual absorbs, processes, and retains new information or skills.

Freeze Moment

A point in time when an individual becomes momentarily unable to act or respond due to surprise, fear, or uncertainty.

Competence Stage

A phase in the learning process where an individual becomes capable of performing a skill with proficiency, often after much practice and learning.