The Most Important Determinant of Price Elasticity of Supply Is

question 382

Multiple Choice

The most important determinant of price elasticity of supply is

• A) the number of close substitutes there are for the good.
• B) the time period firms have to adjust to the new price.
• C) the price of the good.
• D) the importance of the good in the budgets of consumers.

---

Definitions:

Cluttered Nest

A situation where adult children live at their parents' home, leading to a full or overfilled household, often due to economic factors or personal choice.

Empty Nest

A stage in a parent's life where their children have grown up and left home, leading to a household without dependent children.

Cluttered/Crowded Nest

A family home that remains filled with possessions, often leading to a sense of congestion and lack of space.

Multigenerational

Multigenerational describes families or other social settings that include members from several generations, often highlighting the dynamics and cultural aspects of interactions between young, middle-aged, and older individuals.