Which of the following is a primary determinant of the price elasticity of supplyLOADING...? The price elasticity of supply is affected by A. whether the good produced is a luxury or a necessity. B. the share of the good in consumer budgets. C. the definition of the market. D. the passage of time. E. whether the good produced has close substitutes available.

Question

03-03-2020
Business

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Which of the following is a primary determinant of the price elasticity of supplyLOADING...? The price elasticity of supply is affected by A. whether the good produced is a luxury or a necessity. B. the share of the good in consumer budgets. C. the definition of the market. D. the passage of time. E. whether the good produced has close substitutes available.

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ewomazinoade ewomazinoade · Answer 1 · 2020-03-04T02:21:39+01:00

Answer:

D. the passage of time

Explanation:

Price elasticity of supply measures the responsiveness of quantity supplied to changes in price.

If quantity supplied is more responsive to changes in price , supply is elastic.

If quantity supplied is less responsive to changes in price, supply is inelastic.

The determinants of elasticity of supply are ;

The passage of time -in the long run, firms are usually able to expand or reduce production in response to changes in the market. Thus supply is more elastic in the long run. While, in the short run, supply is less responsive to changes in the market because in the short run most of the factors of production are fixed.

2. Number of producers

3. Ease of switching production.

The other options in the question determine the elasticity of demand.

I hope my answer helps you