Which of the Following Is the Most Important Determinant of the Elasticity

question 40

Multiple Choice

Which of the following is the most important determinant of the elasticity of supply?

• A)​The number of uses for the product.
• B)​The number of close substitutes to the product available to consumers.
• C)​The amount of time producers have to adjust their behavior in response to a price change.
• D)​The percentage of their incomes consumers spend on the product.

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Definitions:

Regulatory

Pertaining to rules, laws, or guidelines formulated by governmental or authoritative bodies to control or govern conduct and practices in various fields such as finance, health, and safety.

Customer Service

The assistance and help offered by a business to individuals who purchase or utilize its goods or services.

Bank

A financial institution licensed to receive deposits, offer loans, and provide various financial services to individuals and businesses.

Marketing Program

A comprehensive plan that integrates all of the marketing strategies, tactics, activities, and resources required to achieve marketing goals and objectives.