An Important Determinant of the Price Elasticity of Supply Is

question 377

Multiple Choice

An important determinant of the price elasticity of supply is the extent to which

• A) the commodity is a luxury or a necessity.
• B) the demand for it is both price and income elastic.
• C) the product has many complements or substitutes.
• D) production requires the use of particularly scarce or specialized resources.

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Definitions:

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Hypnosis

A trance-like state of focused attention, increased suggestibility, and heightened imagination, often used for therapeutic purposes.

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A chronic condition characterized by high levels of sugar in the blood due to the body's inability to produce or effectively use insulin.

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