passwella.
Menu

WAEC Economics 2016 Question 11

Question 11

Elasticity

Price elasticity of supply measures how responsive

  1. A.consumers are to a change in price.
  2. B.sellers are to a change in buyers' income.
  3. C.sellers are to a change in price.
  4. D.buyers are to a change in income.
Show the answer and explanation

Answer: C (sellers are to a change in price.)

Explanation

Elasticity of supply measures how much sellers change the quantity supplied when price changes.