Determinants of the Price Elasticity of Supply Are

question 39

Multiple Choice

Determinants of the price elasticity of supply are:

• A) adjustment time, whether the good is a luxury or a necessity.
• B) availability of inputs, adjustment time.
• C) flexibility of the production process, whether the good is a luxury or a necessity.
• D) availability of inputs, whether the good is a luxury or a necessity.

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Definitions:

Federal Reserve Board

The governing body of the Federal Reserve System, overseeing the U.S. central banking system and responsible for regulating the nation's monetary policy.

Recession 1937-38

A sharp economic downturn that occurred during the late 1930s in the United States, part of the larger Great Depression era, marked by high unemployment and deflation.

National Output

The total value of all goods and services produced by an economy over a specific time period.

Ronald Reagan

The 40th President of the United States (1981-1989) known for his economic policies known as "Reaganomics," the end of the Cold War, and conservative political ideology.