A Key Determinant of the Price Elasticity of Supply Is

question 283

Multiple Choice

A key determinant of the price elasticity of supply is the

• A) number of close substitutes for the good in question.
• B) definition of the market.
• C) length of the time period.
• D) extent to which buyers alter their quantities demanded in response to changes in their incomes.

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Definitions:

Continental Drift

The theory that Earth's continents have moved over geologic time relative to each other, thus appearing to drift across the ocean bed.

Mid-Atlantic Ridge

A continuous underwater mountain range in the Atlantic Ocean, formed by tectonic plate divergence.

Submarine Mountain

An underwater mountain, formed by volcanic activity or tectonic movements, rising significantly above the surrounding seafloor.

Meteorites

Solid pieces of debris from objects such as asteroids or comets that have made their way through the Earth's atmosphere and landed on the surface.