The main determinant of elasticity of supply is the:
A. number of close substitutes for the product available to consumers.
B. amount of time the producer has to adjust inputs in response to a price change.
C. urgency of consumer wants for the product.
D. number of uses for the product.
Answer: B
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Indicate whether the statement is true or false
Davis (1963) compares U.S. and British industrialization. What does he note in each country during industrialization?
(a) A rise in the number of giant banks in both countries (b) A rise in the number of small banks in the U.S. but a rise in the number of giant banks in Great Britain (c) A rise in the number of small banks in Great Britain but a rise in the number of giant banks in the U.S. (d) A decrease in capital accumulation because of a small number of free banks