Write True or False with a reason.
Price elasticity of supply measures the change in quantity supplied in response to a change in own price of the commodity.

True

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False

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Solution

The correct option is A True
True. Price elasticity of supply $= \frac{P e r c e n t a g e c h a n g e i n q u a n t i t y s u p p l i e d}{P e r c e n t a g e c h a n g e i n p r i c e}$

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Similar questions

Which of the following refers to a percentage change in the quantity supplied of a commodity in response to a percentage change in its price?

If the quantity supplied responds substantially to changes in price, the supply is said to be elastic. State true or false.

4

5

100

120

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