A determinant of the price elasticity of supply is the extent to which
A) consumers like the quality of the good.
B) the demand for the good is relatively elastic.
C) the good has many consumer substitutes.
D) production of the good uses commonly available resources.

Question

Quizplus · Accepted Answer

The price elasticity of supply is influenced by how easily and quickly producers can adjust production. If a good uses commonly available resources, it is easier to increase production when prices rise, making supply more elastic.

A Determinant of the Price Elasticity of Supply Is the Extent