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28 January, 11:30

A key determinant of the price elasticity of supply is the

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  1. 28 January, 11:34
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    The ability of sellers to change the amount of the good they produce.

    Explanation:

    Price elasticity of supply: It is an economic measure to check the responsiveness of quantity supplied to the change of price. As per the law of supply, the supply of quantity increases with the increase in the price of goods and services and vice versa. The numerical value of elasticity indicates how is the response of quantity supplied to the price of the product. As zero indicates no response to the change in price and 1 indicate a higher response to the price of the product.

    The key determinant of the price elasticity of supply is how well the seller is able to change the quantity supplied as per the price in the market.
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