What Is Price Elasticity of Supply

question 132

Multiple Choice

What is price elasticity of supply?

• A) It is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service.
• B) It is a measure of consumers' responsiveness to a change in price.
• C) It is the absolute value of the quantity supplied of a good or service and is always a negative number.
• D) It is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.

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