Price Elasticity of Supply Flashcards
1
Q
Price Elasticity of Supply
A
A numerical measure of the responsiveness of the quantity supplied to a change in the price of the product
2
Q
Price Elastic supply
A
The quantity supplied responds more than proportionately to a change in its price
3
Q
Price inelastic supply
A
The quantity supplied responds less than proportionately to a change in its price
4
Q
Factors influencing the price elasticity of supply
A
Availability of stocks, The time period, productive capacity
5
Q
A
