Price Elasticity of Supply refers to: Select one: a. How the supply of one goods respond to a change in the supply of another good b. How supply respond to change in price c. How supply response to demand d. How price respond to change in supply
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Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market price. According to basic economic theory, the supply of a good will increase when its price rises. ... Elastic means the product is considered sensitive to price changes.
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