Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its Options: A . &nbspDemand B . &nbspPrice C . &nbspCost of production D . &nbspState of technology

Elasticity of supply refers to the degree of responsiveness of supply of a commo

Question

Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its

Options:

A . Demand

B . Price

C . Cost of production

D . State of technology

Answer: Option B

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Question 1. When demand is perfectly inelastic, an increase in price will result in....

Question 2. When equilibrium price rises but equilibrium quantity remains unchanged, the cause is....

Question 3. The cost on one thing in terms of the alternative given up is known as....

Question 4. If demand is unitary elastic, a 25% increase in price will result in....

Question 5. Contraction of demand is the result of....

Question 6. According to M. Kalecki, the true measure of the degree of monopoly power is the....

Question 7. Price of a product is determined in a free market by....

Question 8. When cross elasticity of demand is a large positive number, one can conclude that....

Question 9. All but one of the following are assumed to remain the same while drawing an individual's demand curve for a commodity. ....individual's demand curve for a commodity. Which one is it?

Question 10. Which of the following is not an essential condition of pure competition?....

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