An Important Determinant of the Price Elasticity of Supply Is

question 529

Multiple Choice

An important determinant of the price elasticity of supply is

• A) whether the good is a durable or a nondurable.
• B) the time period firms have to adjust to a new price.
• C) how well consumers like the commodity.
• D) the proportion of the consumer's total budget spent on the good.

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where the oldest items are sold first, affecting costs and inventory valuation.