The Elasticity of Supply for Some Product Will Tend to Be

question 66

Multiple Choice

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

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

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Definitions:

English Constitution

An uncodified set of fundamental principles and established precedents according to which the state of England is governed.

Navigation Acts

A series of English (later British) laws that regulated trade and commerce between England (later Great Britain) and its colonies to enrich the mother country.

Tories

A political faction and then party in Great Britain that evolved into the Conservative Party, traditionally representing royalist, Anglican, and later conservative interests.