Question

1. Elasticity of supply measures how responsive
a. consumers are to price change
c. producers are to price change
b. government is to price change
d. workers are to price change

Answer 1

Answer:

An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a high responsiveness to changes in price.

Explanation:

Answer 2

The elasticity of supply measures how responsive the producers are to price change.

What is an Elasticity?

This refers to the responsiveness of percentage change in quantity to the percentage change in price.

Hence, the elasticity of supply measures the responsiveness of quantity supplied to changes in price.

Therefore, the Option B is correct.

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