The Price Elasticity of Supply Measures How

question 306

Multiple Choice

The price elasticity of supply measures how

• A)easily labor and capital can be substituted for one another in the production process.
• B)responsive the quantity supplied of X is to changes in the price of X.
• C)responsive the quantity supplied of Y is to changes in the price of X.
• D)responsive quantity supplied is to a change in incomes.

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Definitions:

National Health Insurance

A system intended to insure all citizens against financial risks of medical expenses, often funded through taxation or mandatory insurance contributions.

Socialist

A political and economic theory advocating for public or collective ownership and administration of the means of production and distribution of goods.

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The principle or system whereby local or smaller communities govern themselves, rather than being governed by external forces.

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