A Determinant of the Price Elasticity of Supply That Is

question 129

Multiple Choice

A determinant of the price elasticity of supply that is also a determinant of the price elasticity of demand is:

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

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Definitions:

New Price

The updated or most recent cost at which an item or service is sold in the market.

Standard Suite

A collection of benchmarks, protocols, or specifications that establish a norm or minimum level of acceptability for products, services, or practices.

Total Optimal Cost

The lowest possible sum of costs achieved by optimizing the allocation of resources in operations or production.

Double-subscripted Variables

variables in mathematics and programming denoted with two subscripts, usually to represent matrix elements or the interaction between two dimensions.