Homework Answers
Price elasticity of supply measures the responsiveness of quantity supplied of a good to the change in its price.
Price elasticity of supply = % change in quantity supplied/% change in price
The key determinant of price elasticity of supply is the time the producer takes to adjust inputs in response to a change in the price of the good it produces. Another key determinant of price elasticity of supply is the number of firms present in the industry.
Hence, the correct answer is the second option.
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