Determinants of the Price Elasticity of Supply Are

question 39

Multiple Choice

Determinants of the price elasticity of supply are:

• A) adjustment time, whether the good is a luxury or a necessity.
• B) availability of inputs, adjustment time.
• C) flexibility of the production process, whether the good is a luxury or a necessity.
• D) availability of inputs, whether the good is a luxury or a necessity.

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Definitions:

Consideration

The value exchanged between parties in a contract, which can be in the form of money, services, or goods, and is required for the contract to be legally binding.

Modification

A change or alteration to the terms of an existing agreement, requiring the consent of all parties involved.

Place of Delivery

The agreed-upon location where goods or services are to be delivered under the terms of a contract.

Widgets

Generic term often used to refer to a hypothetical product or any small device or gadget.