The elasticity of supply is a units-free measure of the responsiveness of the
A)quantity demanded to a change in supply.
B)quantity supplied to a change in demand.
C)quantity supplied to a change in price.
D)price of one good to a change in the quantity supplied of a second good.
E)quantity supplied of one good to a change in the price of another good.

Question

Quizplus · Accepted Answer

The elasticity of supply is a measure of the responsiveness of quantity supplied to a change in price, not quantity demanded or a change in demand. It is also not related to the price or quantity supplied of another good. The unit-free measure allows for easy comparison between products with vastly different levels of output.

The Elasticity of Supply Is a Units-Free Measure of the Responsiveness