As prices change,the elasticity of supply describes the movement
A) of a shift in the supply curve.
B) of the equilibrium price.
C) along the supply curve.
D) from a necessity to a luxury good.

Question

Quizplus · Accepted Answer

The elasticity of supply describes how the quantity supplied changes in response to a change in price, and this movement occurs along the supply curve. A change in price does not cause a shift in the supply curve but instead causes a movement along the existing supply curve. The concept of a necessity or luxury good is not related to the elasticity of supply.

As Prices Change,the Elasticity of Supply Describes the Movement