Supply is said to be ____________ when the quantity supplied is very responsive to changes in price.

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05-09-2022
Business

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Supply is said to be ____________ when the quantity supplied is very responsive to changes in price.

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-09-08T05:58:29-04:00

Supply is said to be more elastic when the quantity supplied is very responsive to changes in price.

What is Price elasticity?

The quantity demanded of a good or service divided by the percentage change in price is the price elasticity of demand.
The percentage change in quantity supplied divided by the percentage change in price represents the price elasticity of supply.
Perfectly elastic, elastic, perfectly inelastic, inelastic, and unitary are the five major categories into which elasticities can be effectively categorised.
Price elasticity quantifies how responsively a good's supply and demand are to changes in price. It is calculated by dividing the percentage change in quantity provided (or required) by the percentage change in price.
Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its price.

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