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Questions and Answers
What is the percent change in the supply of a good relative to?
What is the percent change in the supply of a good relative to?
- the percent change in consumer behavior
- the percent change in production costs
- the percent change in the demand curve
- the percent change in market price (correct)
What is elasticity of supply a measure of?
What is elasticity of supply a measure of?
- the movement along the demand curve
- the responsiveness of quantity supplied to changes in price (correct)
- the shift in the demand curve
- the slope of the supply curve
What is being measured in the elasticity of supply?
What is being measured in the elasticity of supply?
- the responsiveness of quantity demanded to price changes
- the responsiveness of quantity supplied to price changes (correct)
- the movement along the supply curve
- the shift in the supply curve
What is price elasticity of supply an example of?
What is price elasticity of supply an example of?
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What is the formula to calculate the percent change in the supply of a good?
What is the formula to calculate the percent change in the supply of a good?
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