Price Elasticity of Supply Is Used to Gauge

question 17

Multiple Choice

Price elasticity of supply is used to gauge

• A)how responsive suppliers are to price changes.
• B)how responsive suppliers are to changes in future prices.
• C)how responsive suppliers are to a change in demand.
• D)how responsive sales are to a change in input prices.

---

Definitions:

Social Trends

Patterns of behavior, interests, or opinions that are widespread among a particular society or area at a specific time.

Occupational Status

A social rank or position based on one's job or career path, often influencing an individual's prestige and socioeconomic standing.

Formal Education

Formal education is the structured educational system that encompasses primary, secondary, and higher education, often delivered by certified teachers and following a set curriculum.

Standardized Tests

Uniform tests designed to assess and compare the performance of individuals or groups on a specific set of criteria.