he responsiveness by SUPPLIERS to produce more or fewer goods or services because of a price...

Question

Question

he responsiveness by SUPPLIERS to produce more or fewer goods or services because of a price...

he responsiveness by SUPPLIERS to produce more or fewer goods or services because of a price change is called:

cross price elasticity of demand.

price elasticity of supply.

income elasticity of supply.

supply elasticity of demand.

price elasticity of demand.

business economics

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Answer 1

Answer #1

The responsiveness of the change in the quantity supplied of a good in response to the change in the price is indicated by the price elasticity of supply.

So,

The responsiveness by suppliers to produce more or fewer goods or services because of a price change is called the price elasticity of supply.

Hence, the correct answer is the option (2) [Price elasticity of supply].

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Answer 2

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he responsiveness by SUPPLIERS to produce more or fewer goods or services because of a price...

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