Which of the following leads a good to have a high elasticity of supply? I. The good must be produced using unique resources.
II) The good is produced using commonly available resources.
A) I only
B) II only
C) I and II
D) neither I nor II

Question

Quizplus · Accepted Answer

A good has a high elasticity of supply when it can be produced using commonly available resources, as this allows producers to increase production easily in response to price changes.

Which of the Following Leads a Good to Have a High