Asked by Carley Lambeth on Jul 09, 2024
Verified
In ________ markets, the elasticity of supply tends to be positive.
A) input
B) labor
C) output
D) all
Elasticity of Supply
A measure of how much the quantity supplied of a good changes in response to a change in price.
- Acquire knowledge on the elasticity of supply and its impact on market movements.
Verified Answer
AK
Abhishek kumarJul 10, 2024
Final Answer :
C
Explanation :
In output markets, the elasticity of supply tends to be positive because as prices increase, producers are willing and able to supply more of the good, reflecting a direct relationship between price and quantity supplied.
Learning Objectives
- Acquire knowledge on the elasticity of supply and its impact on market movements.