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
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