Elasticity of Supply Will Increase When

question 33

Multiple Choice

Elasticity of supply will increase when

• A)the number of producers selling a product decreases.
• B)producers are given less time to respond to price changes.
• C)the number of consumers wanting to purchase a product increases.
• D)it becomes easier to substitute one factor of production for another in a manufacturing process.

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Definitions:

Innovation Sequence

A series of steps or processes that lead to the creation and implementation of new ideas, products, or methods.

Idea Generation

The process of creating, developing, and communicating new ideas or concepts.

Implementation

The process of putting a decision or plan into effect within an organization to achieve specific goals or outcomes.

Diffusion

The process by which an innovation, idea, or trend spreads through a population or society.