The Elasticity of Supply Is Measured By

question 54

Multiple Choice

The elasticity of supply is measured by:

• A)the quantity supplied divided by price.
• B)the change in quantity supplied divided by the change in price.
• C)the percentage change in quantity supplied divided by the percentage change in quantity demanded.
• D)the percentage in quantity supplied divided by the percentage change in price.

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Definitions:

Cheaper Elsewhere

A phrase indicating that an item or service can be purchased at a lower cost in a different location or market.

U.S.-produced Goods

Products that are manufactured, created, or assembled within the United States.

Production Possibilities Frontier

A graph that shows the combinations of two goods or services that an economy can produce, given its technological capabilities and resources.

Adaptable Resources

Resources that can be adjusted or converted to meet changing conditions or requirements within an economy or market.