The Price Elasticity of Supply Measures

question 255

Multiple Choice

The price elasticity of supply measures

• A)the responsiveness of quantity supplied to changes in input prices.
• B)the responsiveness of quantity supplied to changes in technology.
• C)the responsiveness of quantity supplied to changes in price.
• D)a supplier's ability to produce a good in the face of scarcity.

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Definitions:

Median

A statistical measure representing the middle value in a data set when the values are arranged in ascending or descending order.

Mean

A statistical measure that represents the average value of a set of numbers.

Median

The middle value in a data set when the values are arranged in ascending or descending order.

Mean

The arithmetic average of a set of numbers, calculated by dividing the sum of all values by the number of values.