The Elasticity of Supply for Some Product Will Tend to Be

question 114

Multiple Choice

The elasticity of supply for some product will tend to be larger

• A)the higher is the elasticity of demand for the product.
• B)the lower is the elasticity of demand for the product.
• C)the harder it is for firms to shift from the production of this product to another.
• D)the easier it is for firms to shift from the production of this product to another.
• E)the less time firms have to adjust to price changes.

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Definitions:

Control Group

Of an experiment, group of individuals identical to an experimental group except for the independent variable under investigation.

Experimental Group

In an experiment, group of individuals who have a certain characteristic or receive a certain treatment as compared with a control group.

Inductive Reasoning

A method of reasoning in which general principles are inferred from specific observations.

Experimental Group

A group of subjects in an experiment who are exposed to the variable or intervention being tested, to assess its effect.