Question

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question 1 0.08 pts
elasticity of supply measures the responsiveness of __ to changes in __.
price; quantity supplied
price; quantity demanded
quantity demanded: price
quantity supplied: price

Explanation:

Elasticity of supply is a concept in economics. By definition, it measures how the quantity supplied of a good or service responds to a change in its price. We analyze each option:

• Option 1: "price; quantity supplied" has the variables in the wrong order. Elasticity of supply is about quantity supplied's response to price, not the other way around.
• Option 2: "price; quantity demanded" is incorrect as it refers to demand - related variables, not supply.
• Option 3: "quantity demanded; price" also pertains to demand, not supply.
• Option 4: "quantity supplied; price" correctly matches the definition of elasticity of supply, which is the responsiveness of quantity supplied to price changes.

Answer:

quantity supplied; price (the fourth option: quantity supplied: price)