An Important Determinant of the Price Elasticity of Supply Is

question 529

Multiple Choice

An important determinant of the price elasticity of supply is

• A) whether the good is a durable or a nondurable.
• B) the time period firms have to adjust to a new price.
• C) how well consumers like the commodity.
• D) the proportion of the consumer's total budget spent on the good.

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Definitions:

Surface Water

All bodies of water found on the Earth's surface, such as rivers, lakes, wetlands, and oceans, as opposed to groundwater.

Condenses

The process by which a substance changes from a gaseous state to a liquid state.

Low-pressure Cells

Areas in the Earth's atmosphere where the air pressure is lower than that of the surrounding regions, often associated with wet weather conditions.

Predominant Natural Vegetation

The most common type of wild plants growing in a particular region without human intervention.