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    Question

    Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its:

    A Demand Correct Answer Incorrect Answer
    B Price Correct Answer Incorrect Answer
    C Supply Correct Answer Incorrect Answer
    D Cost of production Correct Answer Incorrect Answer
    E State of technology Correct Answer Incorrect Answer

    Solution

    Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity

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