An Important Determinant of the Price Elasticity of Supply Is

question 377

Multiple Choice

An important determinant of the price elasticity of supply is the extent to which

• A) the commodity is a luxury or a necessity.
• B) the demand for it is both price and income elastic.
• C) the product has many complements or substitutes.
• D) production requires the use of particularly scarce or specialized resources.

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Definitions:

Anatomical Differences

Pertains to the physical distinctions in the structure of body parts between different organisms or within species.

Physiological Differences

Variations in the functional and biological processes of organisms, often used to explain unique traits and behaviors.

Affection

A feeling of fondness or liking.

Contact Motive

The inherent desire or drive in individuals to seek out social interactions and establish connections with others.