Elasticity of Supply Is

question 99

Multiple Choice

Elasticity of supply is

• A)the responsiveness of supply to changes in costs.
• B)the percentage change in quantity supplied due to a percentage change in price.
• C)the responsiveness of the price to changes in supply.
• D)1 minus the elasticity of demand.
• E)the change in quantity supplied due to a change in quantity demanded.

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Definitions:

Manufacturing Flexibility

The ability of a manufacturing system to quickly adapt to changes in product type or volume without incurring high costs or delays.

Competitive Advantage

The unique feature or set of features of a company and its products that are perceived as superior in the market, contributing to greater sales or margins than competitors.

Assembly Lines

A manufacturing process in which parts are added to a product in a sequential manner, using conveyors or other efficient means, to create a finished product efficiently.

Robotics

The branch of technology that involves the design, construction, operation, and application of robots.