Multiple Choice
The price elasticity of supply measures how:
A) easily labour and capital can be substituted for one another in the production process
B) responsive the quantity supplied of X is to changes in the price of X
C) responsive the quantity supplied of Y is to changes in the price of X
D) responsive quantity supplied is to a change in incomes
E) responsive the quantity supplied of X is to changes in resource prices
Correct Answer:
Verified
Correct Answer:
Verified
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