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A key determinant of the price elasticity of supply is:

a. how responsive buyers are to changes in sellers' prices.

b. the slope of the demand curve.

c. the ability of sellers to change the amount of the goods they produce.

d. the ability of sellers to change the price of the goods they produce.

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Sonia Dhawan
Sonia DhawanLv10
8 Sep 2020
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Related questions

In markets, prices move toward equilibrium because of
a. the actions of buyers and sellers.
b. government regulations placed on market participants.
c. increased competition among sellers.
d. buyers' ability to affect market outcomes.

When a supply curve is relatively flat, the
A. sellers are not at all responsive to a change in price.
B. equilibrium price changes substantially when the demand for the good changes.
C. supply is relatively elastic.
D. supply is relatively inelastic.

Ā 

Suppose that congress decides to tax alcohol sellers because they are encouraging immoral behavior. In general, who will bear the burden of a tax on sellers?

A. It will depend on the elasticities of supply and demand.

B. It will be equally shared between buyers and sellers.

C. Sellers.

D. Buyers.

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