Try again
Try again
Correct
Correct
Solution:
Option (a) states that price elasticity of supply is a measure of how much the quantity supplied of a good responds to a change in the price of that good.
Option (b) states that price elasticity of supply is computed as the percentage change in quantity supplied divided by the percentage change in price.
Option (c) states that price elasticity of supply in the long run would be different from that of the short run.
Therefore, all three statements are correct.
Correct option is (d)