Q. Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its:
A. Demand
B. Price
C. Costs of production
D. State of technology
Answer: Price
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Q. Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its:
A. Demand
B. Price
C. Costs of production
D. State of technology
Answer: Price