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WAEC Economics 2017 Question 12

Question 12

Elasticity

Price elasticity of supply can be influenced by the following factors except

  1. A.time period.
  2. B.cost of production.
  3. C.size of consumers' income.
  4. D.nature of the product.
Show the answer and explanation

Answer: C (size of consumers' income.)

Explanation

Consumers' income affects demand, not the elasticity of supply.