The Price Elasticity of Supply Measures

question 14

Multiple Choice

The price elasticity of supply measures:

• A) the response of a supply shift to changes in technology.
• B) how much supply changes when the prices of inputs change.
• C) the responsiveness of quantity supplied to changes in prices.
• D) all of the above.

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Definitions:

Activation Energy

The minimum energy required to start a chemical reaction.

Enzyme

Biological molecules that act as catalysts to speed up chemical reactions in living organisms.

Graph

A diagram showing the relation between variable quantities, typically of two variables measured along a pair of lines at right angles.

Reactants

Materials that exist before a chemical reaction starts and are used up to create end products during the reaction.