Elasticity of supply tells us
A)How much sellers will increase production in response to a change in price.
B)How much sellers will change their price as their quantity supplied changes.
C)How much producers will increase production with changes in consumers' income.

Question

Quizplus · Accepted Answer

Elasticity of supply measures the responsiveness of quantity supplied to a change in price, indicating how much production will change as a result of a change in price. It does not relate to changes in consumers' income or changes in producers' pricing strategies.

Elasticity of Supply Tells Us