Which of these is the MOST important determinant of the elasticity of supply?
A) number of input substitutes
B) number of firms in the industry
C) time to adjust
D) income levels of consumers

Question

Quizplus · Accepted Answer

The most important determinant of the elasticity of supply is the time to adjust. This is because the ability of producers to change the quantity they supply in response to price changes largely depends on how much time they have to make those adjustments.

Which of These Is the MOST Important Determinant of the Elasticity