Which of the Following Is Not a Determinant of Price

question 49

Multiple Choice

Which of the following is not a determinant of price elasticity of supply?

• A) Adjustment time
• B) Scope of the market
• C) Flexibility of the production process
• D) Availability of inputs

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Definitions:

Factor Markets

Markets in which firms buy the resources they need to produce goods and services.

Highly Educated Workers

Individuals who have attained a high level of education, often including university degrees, which typically equips them with specialized skills.

Unskilled Workers

Workers who possess no specific skills or qualifications, and are therefore suited for jobs that require only basic tasks and minimal training.

Import Quota

A legal limit on the quantity of a good that can be imported.