The Elasticity of Supply Measures

question 178

Multiple Choice

The elasticity of supply measures:

• A) how responsive price is to a change in the quantity supplied of a good or service.
• B) how much value suppliers place on each unit of the good or service.
• C) the rate of change of supply in relation to demand.
• D) how responsive the quantity supplied is to a change in the price of a good or service.

---

Definitions:

Canada

A country located in the northern part of North America, known for its vast landscapes, multicultural society, and bilingual official languages of English and French.

Subsistence pattern

The methods and strategies used by a society to support its population, including the ways in which food is obtained and distributed.

Hunting and gathering

A mode of subsistence involving the procurement of wild plants and animals for food.

Pastoralism

a form of agriculture where animals are raised for food, fiber, and other products, often involving nomadic or semi-nomadic herding.