Suppose the supply of bicycles is price elastic.This means that
A)consumers will respond significantly to an increase in the quantity of bicycles supplied.
B)suppliers will increase the quantity of bicycles supplied, but not immediately.
C)suppliers face many substitutes for bicycles.
D)suppliers will respond significantly to changes in the price of bicycles.

Question

Quizplus · Accepted Answer

Price elasticity of supply means that suppliers will significantly change the quantity they supply in response to price changes.

Suppose the Supply of Bicycles Is Price Elastic