Elasticity of Supply Measures the Responsiveness of Buyers to a Change

question 99

True/False

Elasticity of supply measures the responsiveness of buyers to a change in price.

---

Definitions:

Leasehold

An interest in a property that allows the holder (lessee) to use and occupy the land or premises for a specified period, under certain conditions, but does not provide ownership.

Life Estates

A legal right to use and benefit from a property for the duration of an individual's lifetime.

Exclusive Possession

The right of an individual or entity to the use and control of property without interference from others, often associated with lease agreements.

Real Property

Land and anything permanently affixed to it, such as buildings, along with the rights of use and enjoyment that come with the land.