What Is Measured by the Price Elasticity of Supply

question 145

Multiple Choice

What is measured by the price elasticity of supply?

• A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods.
• B) The price elasticity of supply measures how responsive producers are to changes in income.
• C) The price elasticity of supply measures how responsive producers are to changes in the price of a product.
• D) The price elasticity of supply is a measure of the slope of the supply curve.
• E) The price elasticity of supply measures how responsive producers are to changes in the cost of producing a product.

---

Definitions:

Enact

To make into law by official decree.

Congress

A national legislative body, primarily responsible for making laws.

Marbury v. Madison

A landmark case in 1803 where the U.S. Supreme Court first declared the power of judicial review, establishing the basis for the judiciary's ability to declare laws unconstitutional.

Judicial Review

Judicial review is the doctrine under which legislative and executive actions are subject to review by the judiciary to affirm their legality or compliance with the constitution.