Economics 9708 · AS & A Level · Price elasticity of supply

Price elasticity of supply — practice question

Which statement gives the definition of price elasticity of supply?

  • AIt is a measure of how the price of a good responds to a change in the quantity supplied.
  • BIt is a measure of how the quantity supplied of a good responds to a change in its price.
  • CIt is a measure of how the supply of a good responds to a change in its cost of production.
  • DIt is a measure of how the supply of good X responds to a change in the price of good Y.

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